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
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