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This would mean that Canadian oil sands production would grow from 1.2 million barrels per day (190,000 m 3 /d) in 2008 to 3.3 million barrels per day (520,000 m 3 /d) in 2020, and that total Canadian oil production would grow from 2.7 to 4.1 million barrels per day (430,000 to 650,000 m 3 /d) in 2020. [45]
Bituminous sands are a major source of unconventional oil, although only Canada has a large-scale commercial oil sands industry. In 2006, bitumen production in Canada averaged 1.25 Mbbl/d (200,000 m 3 /d) through 81 oil sands projects. 44% of Canadian oil production in 2007 was from oil sands. [47]
The ERCB estimates that by 2017 oil sands production will make up 88% of Alberta's predicted oil production of 3.4 million barrels per day (540,000 m 3 /d). [6] The fivefold increase in oil prices from 1998 to 2007 made Canadian oil sands production profitable.
Canadian oil sands may refer to: Athabasca oil sands. Peace River or Cold Lake where other bitumen deposits are located; Fort McMurray where the industry is located;
The Canadian province of Alberta contains some of the largest known reserves of recoverable oil sands anywhere in the world. Not only can these oil sands provide both the U.S. and Canada with ...
The boom in Alberta's oil sands was initially hailed as a hugely promising development for Canada's economy and energy security. Recently, though, major threats challenging the economic viability ...
As of 2009, Syncrude and Irving Oil were leaders in the Canadian industry, with Syncrude being the top producer of oil sands crude and Irving Oil operating the largest oil refinery in the country. [5] Canadian oil company profits quickly recovered following the 2008 financial crisis; In 2009 they were down 90% but in 2010 they reached $8.4 billion.
In September 2011, Joe Oliver, Canada's Minister of Natural Resources, sharply criticized opponents of oil sands development in a speech to the Canadian Club of Toronto, arguing that oil sands account for about 0.1% of global greenhouse-gas emissions, coal power plants powered in the U.S. generate almost 40 times more greenhouse-gas emissions ...