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Oil reserves in Canada were estimated at 172 billion barrels (27 × 10 ^ 9 m 3) as of the start of 2015 . This figure includes the oil sands reserves that are estimated by government regulators to be economically producible at current prices using current technology. [ 1 ]
Because proven reserves include oil recoverable under current economic conditions, nations may see large increases in proven reserves when known, but previously uneconomic deposits become economic to develop. In this way, Canada's proven reserves increased suddenly in 2003 when the oil sands of Alberta were seen to
The major oil pipelines exiting Western Canada have a design transport capacity of 4.0 million b/d. [54] In 2016, however, the pipeline capacity was estimated at 3.9 million b/d, [1] and in 2017 the Canadian Association of Petroleum Producers (CAPP) estimated the pipeline capacity to be 3.3 million b/d. [54]
At the time, Nexen's 2.5 billion boe reserves would've ranked 8th among Canada's oil companies. [92] When Nexen was created in 1971 it was a subsidiary of the American company Occidental Petroleum called Canadian Occidental Petroleum. After taking over a number of smaller companies in Canada while increasing their international holdings they ...
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). [4]
In 2007 the World Energy Council estimated that these oil sands areas contained at least two-thirds of the world's discovered bitumen in place at the time, [3] with an original oil-in-place (OOIP) reserve of 260,000,000,000 cubic metres (9.2 × 10 12 cu ft) (1.6 trn barrels), an amount comparable to the total world reserves of conventional oil.
In 2014, the EIA now ranks Canada as third in World Oil Reserves at around 175 billion barrels, while Saudi Arabia is 2nd with around 268 billion barrels and Venezuela is ranked first with around 297 billion barrels of reserves. [1] [2] Many stories surrounding the petroleum industry's early development are colourful.
Mine at the Athabasca Oil Sands. According to the Alberta Energy and Utilities Board (EUB, now known as the Alberta Energy Regulator, the AER), Alberta's oil sands areas contain an ultimately recoverable crude bitumen resource of 50 billion cubic metres (315 billion barrels), with remaining established reserves of almost 28 billion cubic metres (174 billion barrels) at year-end 2004.