Canadian Oil Sands
Oil was first discovered in Alberta in 1902, and its production continues to fuel the province's economy. In 2009-2010, the province received $1.9 billion from crude oil production.
At its peak, 19,800 total wells were drilled comprising of 11,603 Natural Gas wells and 3,366 conventional oil wells. From those reserves, Alberta was able to produce 543,000 barrels per day (bpd) of conventional oil, 518,000 bpd of minerals through surface mining, 1.84 million bpd of crude oil, and 13.2 billion cubic feet per day of natural gas in 2006. After all production was concluded for 2006, the province still reported reserves of approximately 1,664 million barrels of conventional oil and 40.2 trillion cubic feet of natural gas. Alberta's petroleum industry has been able to generate 79.6 billion dollars through oil and gas byproducts. The province exports 1.26 million bpd of crude oil and 8.6 billion cubic feet per day of natural gas, and residential and commercial consumption is at 286,000 bpd of crude oil and 2.2 billion cubic feet per day of natural gas.
Oil Sands Jobs
The oil sands workforce is comprised of thousands of international workers. Estimates say that 44 percent of oil sands employees are from outside the providence, and almost one third of the Gross Domestic Product that is impacted from wages generated from the oil sands are for locations outside of Alberta. As explorations continue to make the oil sands more accessible, oil sands jobs will only increase.
Oil Sands Production Facts
Alberta's revenues are poised to grow as further explorations of Alberta's oil sands pump more fuel into not only the province's economy, but the United States' economy as well.
Because of the physical difference with bitumen, it must be treated differently in order to convert it to crude oil, which can then be converted to gasoline and diesel. The oil sands are located in northeast Alberta, near Fort McMurray, and their presence has boosted Canada's total oil reserves by 33 percent. The Canadian federal government will receive 41 percent of its $123 billion budget through the oil sands. The oil sands house 8,871 million barrels of crude reserves and 4,706 million barrels of oil sands in-situ, which includes reserves that have been partially mined. Production in the oil sands was around 614,000 bpd of in-situ Bitumen. Oil sands capital spending, which includes In-Situ, Mining and Upgrading, has exceeded $14.3 billion in the past. Oil Sands bonuses reached $2 billion. There are 8,871 million barrels of mining and 4,706 million barrels of in-situ Bitumen left in reserve. Oil Sands revenues totaled around $23.3 billion.