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The Alberta Oil Industry |
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In this
guide we discuss The Alberta Oil Industry and its
two main sectors; conventional oil production and
the Oil Sands project.
For over
50 years the driving force in Alberta’s economy has
been the oil and gas industry, giving the province
thousands of jobs in exploration, production,
transportation, distribution, refining, and has
contributed over $3.7 billion in direct royalty
payments to the Alberta Government in less then
three years (2003 - 2006).
Even though Alberta’s conventional oil sector has
been around for over 50 years the province has
created a large infrastructure that is dedicated to
the continued growth of the conventional oil sector
through exploration, drilling, and transporting as
well as creating new technologies that would assist
Alberta’s oil industry. Between the years 2000 and
2005 private industry has invested more the $100
billion in the provinces conventional oil and gas
industries with hopes of growing the business well
into the next 50 years.
The majority of the crude oil that is produced in
Alberta is exported to other countries.
Along with the conventional oil and gas industry
Alberta also has an enormous oil resource in its oil
sands. The oil sands reserves are the second largest
oil reserves in the world, second to Saudi Arabia.
Time magazine has said Alberta’s Oil Sands could
satisfy the world’s oil demands for the next
century.
What exactly are the Oil Sands? Alberta’s Oil Sands
are deposits of bitumen, hard oil that will not flow
unless it is heated or thinned with lighter
hydrocarbons. The Oil Sand deposits are primarily
located in three areas in north eastern Alberta and
are believed to be much larger then the state of
Florida.
In 2005 the Alberta Oil Sands produced approximately
58% of Alberta’s oil and about 40% of all crude oil
produced in Canada.
The Alberta Oil Sands industry is growing at a
steady rate; it is currently producing about 966,000
barrels or oil per day and is estimated to grow to
around 3 million barrels per day by the year 2020
and 5 million barrels per day by 2030.
So as you can see the Alberta oil industry is
definitely in it’s infancy with plenty of great
money making years to come.
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Other Articles You may be Interested In |
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The Drilling Industry
In this
guide we will discuss the drilling industry in
Alberta, what it is, employment opportunities, and
everything else you may want to know about Alberta’s
drilling rigs.
All about Drilling Rigs
Have you
ever wondered what it would be like to work on a
drilling rig in Alberta? If so, this guide is for
you. We will go over everything you could ever want
to know about drilling rigs such as working
conditions, working locations, safety, and the
makeup of a drilling rig crew.
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