Random Update Of The Canadian Oil Sands

Link here to Rigzone.com.

Canada holds the largest crude oil deposits outside the Middle East, most of which are in the form of oil sands, and are expected to play a major role in supplying the world's future energy requirements, stated a new report by energy experts GlobalData.

The new research states that Canada is one of the leading countries in the world in terms of proved oil reserves, with 175.2 billion barrels of proved oil reserves at the end of 2011, out of which 169.2 billion barrels of reserves were available as oil sands. Development of the oil sands industry in Canada will continue to be spurred on by the continuous growth of global oil demand and high crude oil prices, as oil sands projects once seen as economically unviable are now being considered profitable. The favorable business and political climate in Canada, and continuous technological advancements are also set to support industry growth.