Oil Abundance in Canada Provokes Anxiety – Bloomberg

Posted by Trish Riley, November 22, 2011

The helicopter swooping over once- pristine spruce forests provides a close-up view of why the province of Alberta, Canada, is among the planet’s most coveted — and contested — petroleum hot spots.North of Fort McMurray, a boomtown serving tens of thousands of migrant workers, Syncrude Canada Ltd.’s oil-sands mine stretches 74 square miles.Rivals Exxon Mobil Corp. XOM and China Petroleum & Chemical Corp. 386 each have bought a piece of Syncrude, one of the dozens of companies that are blasting, digging and steaming soil laden with 143 billion barrels of molasseslike crude called bitumen, Bloomberg Markets magazine reports in its January issue. Only Saudi Arabia, with 264 billion barrels, and Venezuela, with 211 billion, enjoy greater proven reserves, a BP Plc energy review found in June.Some of the world’s biggest energy producers have poured C$123 billion US$120 billion into Canada’s oil sands since 1997. The Canadian Energy Research Institute, or CERI, predicts that these companies will pay another C$137 billion by 2020 to tap the Florida-sized region’s unique advantage: rising oil production taking place in a stable democracy that’s close to the massive American market.

via Oil Abundance in Canada Provokes Anxiety – Bloomberg.

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