By OGJ editors
HOUSTON, Feb. 9 -- An ambitious plan for the expansion of oil sands development in Alberta could result in the twofold increase in production to 5 million b/d, which could help meet about 16% of North American crude oil demand by 2030, according to a report released last month by the Alberta Chamber of Resources (ACR).
The report, entitled "The Oil Sands Technology Roadmap," outlines what ACR calls "an unparalleled third wave of industry growth" following nearly 40 years of commercial production encompassing two distinct phases of growth.
The increased production, ACR projected, could generate an additional $40 billion of economic growth in Canada and produce $90 billion in new investment over the next 30 years.
Chamber Pres. Arthur Meyer said, "It's important to keep in mind that petroleum is going to remain at the forefront of the world's energy portfolio for decades to come. With the vast reserves of crude petroleum in place in the oil sands of northern Alberta, we have the opportunity and, I believe, the duty to aggressively pursue the orderly and responsible development of this vast resource."
The first wave of oil sands production in Canada, ACR noted, began 40 years ago, when oil sands began to play an increasingly important role supplying that country's energy needs. In 1996, a second wave of development began, which was based on a plan set out a year prior by the National Oil Sands Task Force. That wave is expected to culminate in the production of 2 million b/d of synthetic crude oil from oil sands by 2012, ACR said. Increasing demand and declining production of crude oil from conventional sources, ACR added, are driving the third wave.
The report calls for greater cooperation among governments, industry, academia, and Canada's research and development organizations to achieve the country's ambitious oil sands goals. "The Chamber of Resources believes the experience and process of oil sands development could serve as a model of how industry, government, and society can work together to generate and share significant economic opportunity without compromising important social values or environmental integrity," ACR said.
ACR represents 170 member corporations involved in resource development and service and supply for the oil and gas industry.
