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Canada’s oil sands industry has come a long way in the past 10 years. In 2002, the first commercial Steam-Assisted Gravity Drainage (SAGD) project began production at Foster Creek, assuring the future of extracting from deep-lying bitumen formations. In December of that same year, the Oil & Gas Journal released its estimates of global petroleum reserves, in which it increased Canada’s proved oil reserves nearly forty-fold from 4.9 billion to 180 billion. It’s important to point out that only a fraction of the 1.84 trillion barrels of bitumen in place are actually deemed proved reserves and only a fraction of these reserves have actually been produced. What does the path forward look like?
Our report reflects on how the industry has a focused commitment to improving operational processes and environmental performance through investments in research and development. A better awareness of the scope of these efforts could effect a positive perception change about the oil sands industry with regard to its economics, environmental record and social license.
Read our full report by viewing or downloading, and find out what is on the mind of Oil Sands executives and associations as we move into a new era of innovation and technology in the industry.