- Wednesday, 30 March 2011 15:00
- Sophoan Seng
Alberta is well known as a leading exporter of natural resources like timber and oil in Canada. Large foreign companies from the US have invested billions of dollars extracting oil and gas in this territory to make up for the shortage of oil for energy in their country. Oil deposits which are called “oil sands” are very distinctive from what is found in those oil rich countries such as Iran or Saudi Arabia in the Middle East, and the monitoring and regulations of this lucrative industry has never been neglected.
The official website of the Alberta government describes Alberta’s oil sands as the backbone of the Canadian and the global economy, adding it is a great buried energy treasure which has continuously supplied stable and reliable energy to the world. Oil sands are a naturally composed mixture of sand, clay or other minerals, including water and bitumen, which is a heavy and extremely thick, sticky oil that must be treated before it can be processed by refineries to produce usable fuels such as regular gasoline and diesel. Oil sands can be found in many locations around the globe, but the Athabasca deposit in Alberta is the largest and most developed and it has utilised the most advanced technology to produce oil.
Canada’s Facts and Statistics Department has ranked Alberta’s oil sands second after Saudi Arabia in terms of proven global crude oil reserves. In 2009, the total proven oil reserves were 171.3 billion barrels, or about 13 percent of the total global oil reserves, which is about 1,354 billion barrels. The net income in the fiscal year of 2009 for the Alberta government was more than US$3 billion in royalties from oil sands projects, which was lower than 2008 at $20.7 billion. But they project it to skyrocket and revenue to hit $15 billion in the next few years. Ultimately, about 99 percent of Alberta’s oil comes from oil sands.
Continue reading “Emails from Canada: Sophoan Seng”