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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]
Great Canadian Oil Sands originated in the early 1920s, when a group of policemen from New York acquired oil leases in Athabasca and formed the Alcan Oil Company. In 1923, the group sold the venture to Robert Cosmas Fitzsimmons (1881-1971). Fitzsimmons spent the next several years drilling on the leases he had acquired, but was unsuccessful.
The revised forecast predicted that Canadian oil sands production would continue to grow, but at a slower rate than previously predicted. There would be minimal changes to 2008–2012 production, but by 2020 production could be 300,000 barrels per day (48,000 m 3 /d) less than its prior predictions.
In 1962 (the same year the Great Canadian Oil Sands proposal went up for approval) Cities Service Athabasca Inc. proposed a 16,000 cubic metre per day plant at the site of its Mildred Lake pilot project. Including a pipeline to Edmonton, the plant was to cost $56 million, with construction beginning in 1965 and completion in 1968.
In a previous article, I discussed three underrated small-cap producers involved in the Peace River area of the famous Canadian oil sands. My last article looked into three buried gems in Cold Lake.
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.
This is a list of articles related to Canadian oil sands: Athabasca oil sands; Black Bonanza; BP § Canadian oil sands; Canadian Centre for Energy Information; Canadian oil sands (disambiguation) Climate change in Canada; Cold Lake oil sands; Environmental impact of mining; History of Alberta § oil sands; History of the petroleum industry in ...