Syncrude, the largest oil sands project in Canada, is also expected to undergo expansion by 2018, and Fort Hills is one of the largest planned oil sands projects, with a capacity to produce 160,000bbl/d by 2016
Dallas, Texas (PRWEB) November 14, 2012
Canada holds the largest crude oil deposits outside the Middle East, most of which are in the form of oil sands, and are expected to play a major role in supplying the world’s future energy requirements, states a new report “Oil Sands Industry in Canada – Market Analysis, Competitive Landscape and Production Forecasts to 2020”.
The oil sands industry in Canada produced approximately 408.2 million barrels (MMbbl) of bitumen and synthetic crude in 2006, growing at an Average Annual Growth Rate (AAGR) of 7.1% to reach 581.9 MMbbl in 2011. Production is expected to increase to 1,157.8 MMbbl by 2020. This new research states that Canada is one of the leading countries in the world in terms of proved oil reserves, with 175.2 billion barrels (bbl) of proved oil reserves at the end of 2011, out of which 169.2 billion bbl of reserves were available as oil sands. Development of the oil sands industry in Canada will continue to be spurred on by the continuous growth of global oil demand and high crude oil prices, as oil sands projects once seen as economically unviable are now being considered profitable. The favorable business and political climate in Canada, and continuous technological advancements are also set to support industry growth.
Production from the Canadian oil sands industry is expected to increase in the future, due to the start of new projects, and the development of technologies which will enable enhanced oil sands processing. Substantial financial activity is taking place in the market, with several companies making investments. The industry also saw the announcement of a significant acquisition in 2012 – the acquisition of Nexen Inc by China’s CNOOC Ltd for $15.1 billion – which reflected a global interest held in Canada’s unconventional oil assets. Syncrude, the largest oil sands project in Canada, is also expected to undergo expansion by 2018, and Fort Hills is one of the largest planned oil sands projects, with a capacity to produce 160,000bbl/d by 2016.
The huge oil sands reserves in Canada will contribute towards global energy security. Canada is already the largest supplier of crude oil and petroleum products to the US, accounting for nearly 25% of US crude oil and petroleum imports in 2011. International Oil Companies (IOCs) can currently access only one in six barrels of the world’s known oil reserves, and approximately half of these reserves are available in Canada as oil sands deposits. Canada therefore could play a substantial role in ensuring future global energy security.
However, the development of oil sands in Canada is attracting criticism due to several issues such as high water use and Greenhouse Gas (GHG) emissions.
Major Points in Table of Contents for this report include:
1 Table of Contents
1.1 List of Tables
1.2 List of Figures
3 Oil Sands in Canada - An Introduction
4 Oil Sands in Canada - Drivers and Challenges
5 Oil Sands in Canada - Project Economics
6 Oil Sands in Canada - Historic Production and Major Oil Sands Projects
7 Oil Sands in Canada - Production Forecasts and Major Planned Projects
7.1 Oil Sands Industry in Canada is Expected to Produce 3.2 MMbbl/d of Bitumen and Synthetic Crude by 2020
7.1.1 Athabasca is Set to Continue its Dominance in Bitumen and Synthetic Crude Production in the Canadian Oil Sands Industry by 2020
7.1.2 In Situ Drilling will Gain Prominence in Bitumen and Synthetic Crude Production from Canada’s Oil Sands by 2020
7.1.3 Canada is Expected to Have a Heavy Oil Upgraders Capacity of 542.5 MMbbl by 2020
7.2 Fort Hills is One of the Largest Planned Oil Sands Projects in Canada
7.3 Nexen is Developing Phase II and Phase III of the Long Lake Project in Canada
7.4 Suncor Energy’s Voyageur South Project is Expected to Produce 120,000 Barrels per Day of Bitumen in the Future
8 Oil Sands in Canada - Recent Financial Deal Activity
9 Oil Sands in Canada - Competitive Landscape
9.1 Suncor Energy had Net Proved and Probable Bitumen Reserves of 1,164 MMbbl by the End of 2011
9.2 Imperial Oil Limited Reported Net Proved Bitumen Reserves of 2,413 MMbbl by the End of 2011
9.3 Shell Produced 45 MMbbl of Synthetic Crude Oil in 2011
9.3.1 Shell Canada Plans to Construct First Carbon Capture and Storage Project in the Canadian Oil Sands Industry
9.4 Canadian Natural Resources Limited is Among the Major Companies Engaged in Oil Sands Projects in Canada
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