In this paper, a model for optimizing energy production for oil sands operations is presented. The objective of the model is to minimize the total annual cost of supplying energy to the oil sands industry, subject to CO2 emissions constraints. The energy is supplied in the form of power, hydrogen, steam, hot water, diesel, and process fuel. The model, which is named the energy optimization model (EOM), is conceived as an analytical and planning tool for the energy industry and government sectors. The EOM determines optimal combinations of power and hydrogen plants that satisfy given energy demands of oil sands operations, at minimal cost and with reduced CO2 emissions. The EOM thus generates optimal energy infrastructures and quantifies the costs and emissions associated with energy production for bitumen and upgraded bitumen production. A case study is used to showcase the capabilities of the model and illustrate its applicability as a tool to develop and evaluate optimal CO2 mitigation strategies in the oil sands industry. The case study consists of optimizing the historical energy demands of oil sands operations in the year 2003, with added CO2 emissions constraints. The EOM results for the case study include the energy costs and emissions associated with SCO (synthetic crude oil) and bitumen production at increasing CO2 reduction levels. Optimal energy infrastructures for each CO2 reduction level are determined by the EOM. The model quantifies the cost increases because of CO2-constrained energy production on a per-barrel-of-oil basis as well as the maximum attainable CO2 emissions reductions for the featured case study. A discussion of the usefulness of the model as a technology screening tool for specific energy production scenarios is provided.