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Canadian Oil Sands are Emerging as a Major Source of Unconventional Crude Oil Globally

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oil sands industry in canada market analysis production forecasts and competitive landscape to 2015

Oil Sands Industry in Canada - Market Analysis, Production Forecasts and Competitive Landscape to 2015

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Canadian Oil Sands are Emerging as a Major Source of Unconventional Crude Oil Globally

The Canadian oil sands are witnessing significant growth as an unconventional energy resource. The growth in crude oil consumption in Brazil, Russia, India and China (BRIC) is increasing crude oil prices and has made oil sands an attractive industry segment for investments by major oil companies.

The total production capacity of the existing oil sands projects in Canada is approximately 1.8 million barrels per day (MMbpd). The total production of the oil sands mining and in-situ projects under regulatory review is around 1.4 MMbpd and the total production of the oil sands mining and in-situ projects that have been announced/disclosed is around 1.8 MMbpd.

Decline in Conventional Oil Reserves Has Forced Major Oil Companies to Look for Unconventional Oil Sources

The declining oil production from current reserves is prompting oil and gas majors to invest in new onshore and offshore reserves to maintain the same production levels. With the end of the era of easy oil, producers are exploring unconventional reserves as their new investment targets.

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For further details, please click or add the below link to your browser:

http://www.globaldata.com/reportstore/Report.aspx?ID=Oil-Sands-Industry-in-Canada---Market-Analysis-Production-Forecasts-and-Competitive-Landscape-to-2015&ReportType=Industry_Report&coreindustry=Industry_Report&Title=Energy_and_Utilities

The decline in oil reserves worldwide is challenging oil and gas companies to seek new fields to maintain the current oil production levels. In November 2005, the world’s second largest oil field, Burgan situated in Kuwait, reached its decline phase. The International Energy Agency (IEA) has estimated that the decline in world oil reserves may reach 8.6% in 2030. However, new oil finds should offset the decline in oil production to 5.1% in 2030. As a result, oil and gas companies are investing in both unconventional oil reserves and new field explorations to maintain their current oil production levels. Canada’s oil sands in Alberta can produce significant amounts of oil as technology is now making recovery economical on an increasing scale.

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The Gulf of Mexico Oil Spill has Resulted in Increased Investments in Canadian Oil Sands

The Gulf of Mexico (GOM) oil spill, which occurred in April, 2010, has prompted the US Government to make drilling and field services safety policies and procedures more stringent. This has resulted in uncertainty and a slowdown in drilling permits in the GOM. As a result, the Canadian oil sands have gained prominence and are expected to become a significant source of unconventional oil for the US. The GOM oil spill disaster may emerge as a boon for the Canadian oil sands. The oil sands are expected to emerge as the most significant exporters of crude to the US in 2010. Canadian oil sands production could satisfy as much as 36% of US oil imports by 2030.

Environmentalists Globally are Resisting Canadian Oil Sands Development

The development of the Canadian oil sands is increasingly facing setbacks because environmentalists worldwide are resisting the move. There is increasing concern that the oil sands are causing huge ecological and environmental harm. Significant environmental non-government organizations (ENGOs), such as Greenpeace and the Pembina Institute, are calling for a moratorium on new oil sands projects. They want steps to be taken by Canadian oil sands producers to reduce the intensity of the environmental harm caused by the increasing oil sands production.

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There are arguments that the development in the oil sands is taking place at a rate that is not economically and socially viable for Alberta and Canada as a whole.

For further details, please click or add the below link to your browser:

http://www.globaldata.com/reportstore/Report.aspx?ID=Oil-Sands-Industry-in-Canada---Market-Analysis-Production-Forecasts-and-Competitive-Landscape-to-2015&ReportType=Industry_Report&coreindustry=Industry_Report&Title=Energy_and_Utilities

Canadian Oil Sands is Witnessing Significant Industry Consolidations and Deals

Companies such as ConocoPhillips, Chevron Corporation, EnCana, PetroChina, Royal Dutch Shell and Statoil have invested in oil sands through various joint ventures and consortiums. ConocoPhillips is part of the Syncrude Consortium, which is one of the largest bitumen producing projects in Athabasca, Canada. Shell Canada, Chevron Canada and the Marathon Oil Corporation formed a joint venture to participate in various bitumen producing projects in Canada.

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The Chinese National Oil Company (NOC), PetroChina, has acquired assets in Mackay River from Dover Oil Sands Corporation. Statoil is also participating in oil sand projects in Athabasca.

The Merger and Acquisition (M&A) activities in the Canadian oil sands industry increased significantly during the period 2006–2007. In 2007, the overall investment in oil sands M&A activities reached over $9 billion. The overall investment in Canadian oil sands M&A activities has steadily increased since then. In the first half of 2010, there were seven new acquisition deals announced in the industry (there were nine in the whole of 2009 and 12 in the whole of 2008).

Global Data’s new report, “Oil Sands Industry in Canada - Market Analysis, Production Forecasts and Competitive Landscape to 2015” analyzes the historical and future developments and competitive scenario prevailing in the Canadian oil sands industry. The report highlights the growth drivers for the oil sands industry in Canada. It elaborates on the challenges which are creating a setback for oil sands development. The report provides information on the historical production trends and projects undertaken in the oil sands until 2009. The report examines the project economics in terms of capital expenditure and operational expenditure for the oil sands industry.

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The report also offers upcoming projects and production forecast until 2015. In addition, the report looks at how Canadian oil sands have witnessed increased Mergers and Acquisitions (M&As) and consolidations and the competitive scenario. The Canadian oil sands might emerge as a major source of crude oil in the future.

For further details, please click or add the below link to your browser:

http://www.globaldata.com/reportstore/Report.aspx?ID=Oil-Sands-Industry-in-Canada---Market-Analysis-Production-Forecasts-and-Competitive-Landscape-to-2015&ReportType=Industry_Report&coreindustry=Industry_Report&Title=Energy_and_Utilities

Visit our report store: http://www.globaldata.com

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