Alberta Oil Sands Productions
Who are the players in the Alberta oil sands? If you are considering investing in this region and the oil sand production here, you may want to learn a bit more about the players involved. There are several and each one has an opportunity to offer a range of benefits. The Canadian oil sands are an ideal investment because of the large size of oil fields located here and the amount of bitumen that is located in the region. There is no doubt that the product you want to invest in is located here, but knowing the players in the oil sands production will help you make better decisions in investment here.
Historically Forward
In 1967, the first commercial organization to open a plant in the region did so. It was the Great Canadian Oil Sands Limited Company, which later became Suncor Energy. At that time, it produced just 30,000 barrels per day, a fraction of what it produces today. Nevertheless, the synthetic crude oil began flowing. Unbelievably, the decline in world oil prices just after this hit hard and kept the area from being fully under development for some time. In 1978, the second company got to business after the oil crisis that happened in 1973. Syncrude is still a powerful player in the Canadian oil sands region.
Oil prices peaked in 1979, which caused the National Energy Program to hold up any foreign investments into this industry, a devastating blow to many would be investors. Because prices began to fall again and would hit very low levels in the 1980’s, a third mine was opened at a delayed rate. It was under operation by Shell Canada, but did not official get into business until 2003.
Since this time, though, the demand for oil has grown incredibly, and oil prices are at an all time high. Each of the mines that are operational have increased the amount of crude oil they are producing, which is an effort to improve the skyrocketing demand shortage. New mines are also in the works to help improve the amount available.
In 2005, the Alberta Energy and Utilities Board provided production as follows:
• Syncrude Mine: Production at 262,000 barrels per day
• Suncor Mine: 195,000 barrels per day
• Shell Canada Mine: 169,000 barrels per day
A year later, the amount of oil produced has increased from 760,000 barrels per day (in total including the In Situ Projects) to 1.126 million barrels per day. Increases for mining are likely to continue.
When you look at all oil produced by Canada, this is 47 percent of it. The oil sands are the source of 62 percent of Alberta’s total oil production as well. What’s more, the Canadian oil sands not nearly tapped yet and the government in Alberta believes these levels can rise significantly into the future.
Comments
One Response to “Alberta Oil Sands Productions”
Got something to say?
I found this information really very helpful and helped to open my eyes to the vastness and importance of this “tarsand” development. I am surprised at how little information is “common Knowledge”. We (Albertans) really do not pay attention as we should this potentially represents not only the FUTURE for Alberta but indeed for the rest of the country.
I know the Tree Huggers are up in arms and although I agree the reduction of Green House Gases must be controlled and reduced, this need be tempered with a large dose of good old “common sense”. It is time our politicians start doing what we pay them to do not just lining their own and assorted “friends” pockets. Let’s mediate a workable middle road and get on with it.
In closing I would like to learn more so keep up the good work and MAKE us understand!