Canada's Massive Potential

abarrelfullabarrelfull wrote on 03 Jun 2011 11:45
Tags: alberta canada

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We all know that Canada has an important and growing role in the supply of crude oil. But how important?

Today I read two stories that go some way towards answering the question.

First we have some estimates from the Canadian Association of Petroleum Producers.

Oil sands growth and new production from existing conventional oil reserves will drive Canadian crude oil production to about 4.7 million barrels per day by 2025

That is up 68% from 2.8 million barrels per day in 2010.

Of course, the CAPP is not exactly what you would call a disinterested party, so its nice to see real evidence that this is more than spin. That comes from the Government of Alberta

Today’s petroleum and natural gas land sale netted over $841 million and is the highest ever total from a land sale in the history of Alberta. This nearly doubles the previous high of $474 million set in December 2005. The sale also set a record for average price hectare of $3,110.85, surpassing the previous high of $2,185.03 set in July 2010

So obviously CAPP's members are putting their money where their mouths are.

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