CANADA HAS THE THIRD-LARGEST OIL RESERVES IN THE WORLD
166 BILLION BARRELS
Canada has 172 billion barrels of oil that can be recovered economically with today's technology. Of Canada's 172 billion barrels of oil, 166 billion barrels are located in the oil sands.
Global demand for energy is expected to increase 37% by 2040 as economies in both developed and emerging counties continue to grow and standards of living improve.
All sources of energy, developed responsibly, will be needed to meet growth in global demand. With conventional oil supply declining, the need for unconventional resources is increasing.
Canada used 25.3% less energy per dollar of GPD in 2013 than 1990.
KEY FACTS AND FIGURES ON THE NATURAL RESOURCES SECTOR IN CANADA
1.77 Million Jobs
In 2015 natural resources directly and indirectly accounted for 1.77 million jobs in Canada.
17% of GDP
Canada's natural resource sector accounted for 17% of nominal GDP in 2015.
$107 Billion in Capital Expenditures
In 2015, natural resource companies invested $107 billion, representing over 40% of total non-resident capital investment in Canada.
$598 Billion in Major Energy Projects
There are over 400 major resource projects under construction or planned over the next 10 years in Canada, worth over $691 billion in investment of which $598 billion are energy specific.
$27 Billion a year revenue contributions
Amount governments have derived annually on average from the natural resources sector (2010-2014)
$231 Billion in Exports
Canada's natural resource exports were valued at $231 billion in 2015. Main export destinations: USA, United Kingdom and China.
Sources: Canadian Natural Resources Canada - www.nacre.gc.ca, International Energy Agency (IEA) - www.iea.org
Hydraulic fracturing in Canada was first used in Alberta in 1953 to extract hydrocarbons from the giant Pembina oil field, the biggest conventional oil field in Alberta, which would have produced very little oil without fracturing. Since then, over 170,000 oil and gas wells have been fractured in Western Canada. Hydraulic fracturing is a process that stimulates natural gas or oil in wellbores to flow more easily by subjecting hydrocarbon reservoirs to pressure through the injection of fluids or gas at depth causing the rock to crack or to
widen existing cracks. New hydrocarbon production areas have been opened as hydraulic fracturing
stimulating techniques are coupled with more recent advances in horizontal drilling. Complex wells
that are many hundreds or thousands of metres below ground are extended even further through
drilling of horizontal or directional sections. Massive fracturing has been widely used in Alberta
since the late 1970s to recover gas from low-permeability sandstones such as the Spirit River
Formation. The productivity of wells in the Cardium, Duvernay, and Viking formations in Alberta,
Bakkenformation in Saskatchewan, Montney and Horn River formations in British Columbia would
not be possible without hydraulic fracturing technology. Hydraulic fracturing has revitalized legacy
oilfields. "Hydraulic fracturing of horizontal wells in unconventional shale, silt and tight sand
reservoirs unlocks gas, oil and liquids production that until recently was not considered possible.
Conventional oil production in Canada was on a decrease since about 2004 but this changed with
the increased production from these formations using hydraulic fracturing. Hydraulic fracturing is one of the primary technologies employed to extract shale gas or tight gas from unconventional reservoirs.
Salida Energy is a proud Canadian company and we wish to inform visitors to the following strengths about Canada's Natural Resource sector.