Oil sands dating
While more than 10 billion barrels of oil sands crude oil have been produced to date, this represents only a small portion of the overall resource.Continued demand for oil is expected to contribute to ongoing growth in oil sands production for years to come.
The oil sands comprise 167.2 billion barrels of crude oil – 97 percent of Canada’s 172.5 billion barrels of proven oil reserves – and are a vital part of the Canadian economy.
The ore is dug up and mixed with hot water to separate and recover the bitumen from the sand.
The remaining 80 percent of the oil sands resource is too deep to mine, and some form of drilling technology is required to extract the bitumen.
An estimated C7 billion of capital expenditures have been invested in the oil sands industry to date, including billion in 2013.
Since 1967, when commercial oil sands development began, production has grown as the technology to extract and process the resource has advanced and allowed commercial operations to become more cost-effective.