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Oil sands were by then the source of 62% of Alberta's total oil production and 47% of all oil produced in Canada. [33] As of 2010, oil sands production had increased to over 1.6 million barrels per day (250,000 m 3 /d) to exceed conventional oil production in Canada. 53% of this was produced by surface mining and 47% by in-situ techniques.
As of 2023, Canada's oil sands industry, along with Western Canada and offshore petroleum facilities near Newfoundland and Labrador, continued to increase production and were projected to increase by an estimated 10% in 2024 representing a potential record high at the end of the year of approximately 5.3 million barrels per day (bpd). [28]
In April 2014, the company acquired the conventional assets in Canada of Devon Energy for C$3.125 billion. [17] In 2017, the company acquired the Canadian oil sands assets of Royal Dutch Shell, including a 70% working interest in the Athabasca Oil Sands Project, for $5.3 billion in cash plus 97,560,975 shares. The shares were sold in 2018.
There once were four oil refineries in the Vancouver area, but Imperial Oil, Shell Canada, and Petro Canada converted their refineries to product terminals in the 1990s and now supply the BC market from their large refineries near Edmonton, Alberta, which are closer to Canada's oil sands and largest oil fields. [30]
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.
Energy Alberta Corporation was created in 2005 with a concept to provide nuclear power to the energy-intensive development of the oil sands resources in northern Alberta, Canada. The company was founded by Hank Swartout, CEO of Precision Drilling Corporation, and Wayne Henuset, co-owner of Willow Park Wines and Spirits in Calgary, Alberta.
The Shell Scotford Upgrader is an oilsand upgrader, a facility which processes crude bitumen from oil sands into a wide range of synthetic crude oils. The upgrader is owned by Athabasca Oil Sands Project (AOSP), a joint venture of Shell Canada Energy (60%), Marathon Oil Sands L.P. (20%) and Chevron Canada Limited (20%).
Syncrude Canada Ltd. is one of the world's largest producers of synthetic crude oil from oil sands and the largest single source producer in Canada.It is located just outside Fort McMurray in the Athabasca Oil Sands, and has a nameplate capacity of 350,000 barrels per day (56,000 m 3 /d) of oil, equivalent to about 13% of Canada's consumption. [1]
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