Present day locations off oil in Canada
Petroleumworld 08 14 2019
Canada has the third largest proven oil reserves in the world after Venezuela and Saudi Arabia.
The term ‘oil reserves’ refers to the amount of oil that can be recovered using available technology, at a financially viable cost. In total, Canadian oil reserves amount to more than 170 million barrels, and Canadian natural gas reserves amount to an estimated 1,225 trillion cubic feet.
96 per cent of Canada’s oil reserves comes from the oil sands in Alberta, and most of the balance is found in the same province. Oil is extracted from the oil sands using sophisticated technology, and then moved from the source to the processing facility in gathering pipelines. Refined oil is then moved across Canada, or even to the U.S., via transmission pipelines.
The International Energy Agency forecasts that global energy demand will increase 27 per cent by 2040. Canada has the oil reserves to play a significant role in fulfilling this demand for energy, and the Canadian oil and gas industry is one of the most highly regulated in the world, with industry leading environmental and socio-economic practices.
According to Chris Bloomer, president and CEO of the Canadian Energy Pipeline Association, “we have a huge resource base that could contribute to world energy demand in a sustainable and safe way.” However, despite having the world’s third largest oil reserves, Canada produces just under 5 per cent of global production – about 4.4 million barrels a day. A major factor preventing Canada from producing to its full potential is the lack of takeaway capacity – specifically, a shortage of pipelines to move products to new markets.
Every Canadian benefits from the revenues and wealth created by the oil and gas sector. The oil and gas sector accounts for almost 11 per cent of Canada’s GDP, directly employs more than 276,000 people and indirectly supports over 624,000 jobs. However, a lack of pipeline capacity represents a huge lost opportunity for Canada. This shortage is estimated to be costing the Canadian economy about $15.6 billion a year in lost revenues.
Access to new markets, including more pipelines to tidewater, would enable the oil and gas pipeline industry in Canada to take advantage of the country’s oil and natural gas reserves – and the economic contribution the industry makes to the Canadian economy.
Canadian Energy Pipeline Association (CEPA).
petroleumworld.com / 08 14 2019
We invite you to join us as a sponsor.Circulated Videos, Articles, Opinions and Reports which carry your name and brand are used to target Entrepreneurs through our site, promoting your organization’s services. The opportunity is to insert in our stories pages short attention-grabbing videos, or to publish your own feature stories.
Copyright© 1999-2019 Petroleumworld or respective author or news agency. All rights reserved.
We welcome the use of Petroleumworld™ (PW) stories by anyone provided it mentions Petroleumworld.com as the source.
Other stories you have to get authorization by its authors. Internet web links to http://www.petroleumworld.com are appreciated.
Petroleumworld welcomes your feedback and comments, share your thoughts on this article, your feedback is important to us!
We invite all our readers to share with us
their views and comments about this article.
Write to email@example.com
By using this link, you agree to allow PW
to publish your comments on our letters page.
Any question or suggestions,
please write to: firstname.lastname@example.org
Best Viewed with IE 5.01+ Windows NT 4.0, '95,
'98,ME,XP, Vista, Windows 7,8,10 +/ 800x600 pixels