Tar sands, also called “oil sands,” are actually clays, sands and silts mixed with bitumen (a hydro-carbon much denser, heavier and thicker than oil) and exist in over 70 countries. Through energy and water-intensive processes, tar sands can produce synthetic oil.
56% of accessible reserves Only a fifth of the world’s oil reserves are accessible to private sector investment. Of that figure, 56% are found in Canada’s oil sands.
By now, perhaps, you’ve heard that the size of the resource is immense: some experts believe Alberta’s oil sands could someday prove to be the largest reserve of oil in the world. But can we access those resources safely?
Our oil sands operations are near Fort McMurray, Alberta, where we recover bitumen from oil sands through mining and in situ operations. The bitumen from both operations is then upgraded to refinery-ready feedstock and diesel fuel. More about the where and the what of the oil sands can be found on our oil sands resource page.
Forecasts by groups such as the International Energy Agency suggest world oil demand – now around 100 barrels a day – will continue to grow in the foreseeable future. “So the direction of Canada’s oil production, whether it’s up or flat or down a little bit will have an impact on the oil market,” said Burkhard.
Canada has the third-largest oil reserves in the world. Of the 170 billion barrels of Canadian oil that can be recovered economically with today’s technology, 164 billion barrels are located in the oil sands. The IEA says Canada is expected to be third in oil production growth over the …
Oil Sands. Canada has the third-largest oil reserves in the world. With 170 billion barrels of oil that can be recovered economically with today’s technology, 164 billion barrels, or 96 per cent of Canada’s oil reserves are located in the oil sands. (Source: AER, 2017 and Oil and Gas Journal, 2017) Oil sands are a natural mixture of sand,
Despite facing severe backlash from environmentalists around the world, there has been an increase in oil sands exploration and production activities, although the focus is gradually shifting towards adopting technologies to curb greenhouse gas emissions and water consumption.
Saudi Arabia – 266,455 million barrels. However, Saudi Arabia is no longer the world’s leader in oil potential. While the Saudis’ 266 million barrels of proven oil reserves are marginally smaller than those of Venezuela, all of Saudi oil is in conventionally accessible oil wells within large oil fields.