Oil Sands

Surprising to many, Canada is the No. 1 oil exporter to the United States. Increasingly, these supplies come from Canada’s oil sands in northern Alberta. That province’s estimated oil sands deposits are in excess of 1.7 trillion barrels of crude bitumen. More than $91 billion has been invested in the oil sands in recent years and over $170 billion in oil sands-related projects. Venezuela and California are also heavy oil producers.

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Canadian Oil Sands
Canadian Oil Sands

Oil Sands News

GLOBAL OIL RESERVES-1: Recovery factors leave vast target for EOR technologies

Nov 5, 2007 Since 2003 prompt and long-term oil prices have been constantly climbing to levels ($70-90/bbl) that have caught many people by surprise.

Alberta raises royalty rates but rejects oil sands tax

Nov 5, 2007 Alberta will raise royalty rates on production of oil, gas, and oil sands-but not by as much as a provincial advisory panel recently recommended.

Task force: US can shrink oil gap with unconventional fuels

Nov 5, 2007 The US government and oil industry must jointly take aggressive action to slow the growth in oil demand and to increase oil supply with help from unconventional sources, reported the Federal Task Force on Strategic Unconventional Fuels in September.

OGJ Newsletter

Nov 19, 2007

ASPO: Depletion, technology affect peak oil

Nov 26, 2007 The peak oil issue is essentially a race between resource depletion and the continuing development of technology, according to industry and academic experts at the third annual conference by the Association for the Study of Peak Oil (ASPO) in Houston Oct. 17-20.

OGJ Newsletter

Dec 3, 2007

COMPANY NEWS: Penn West Energy to acquire Canetic Resources

Dec 3, 2007 Penn West Energy Trust announced that it would buy fellow Canadian trust Canetic Resources Trust, Calgary.

Marching to $100/bbl oil

Dec 3, 2007 When the front-month crude futures contract fell $3.45 to $91.17/bbl Nov. 13—the lowest level in nearly 2 weeks on the New York Mercantile Exchange—after the International Energy Agency reduced estimates of global oil demand for the fourth quarter through 2008, many analysts declared the march to $100/bbl oil had finally fizzled.

COMPANY NEWS: Chevron, Canadian firms report 2008 spending plans

Dec 17, 2007 One US major and two Canadian exploration and production companies have recently reported their preliminary capital spending plans for 2008.

Syncrude upgrader revamp improves product quality

Dec 17, 2007 As part of the Upgrading Expansion Stage 1 (UE-1) project completed in 2006, Syncrude Canada Ltd. revamped all existing five hydrotreaters and installed an additional diluent recovery unit, a fluid coker, and an aromatics saturation unit for light gas oil. The UE-1 project substantially increased production capacity and improved product quality, such as diesel cetane number and jet fuel smoke point.

SPECIAL REPORT: Oil, gas reserves inch up, production steady in 2007

Dec 24, 2007 Worldwide oil and gas reserves grew marginally from a year ago, and oil production declined slightly during 2007, according to Oil & Gas Journal’s annual survey.

OGJ Newsletter

Dec 24, 2007

Texas tall tale provides metaphor for oil industry: a bouncing target

Jan 5, 2009 There’s a Texas tall tale about legendary cowboy Pecos Bill who succumbed to his new bride’s pleas to ride his wild mustang, Widowmaker—a one-man steed previously ridden only by Bill.

BMI: Only small increase seen in 2009 oil consumption

Jan 12, 2009 Global oil consumption will increase by just 0.6%, representing a decline of 1.3% in Organization for Economic Cooperation and Development countries and an increase of 2.3% in non-OECD countries, according to analyst Business Monitor International.

DRILLING MARKET FOCUS: Canadian companies reduce activities with price swings

Jan 12, 2009 The high season for Canadian drilling should begin now, but many Canadian operators plan to scale back operations.
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