London, United Kingdom (PressExposure) November 23, 2010 -- 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.
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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.
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.
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. 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
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