Feeding the need of a
growing industrial sector
To view this video, press the "play" button.
Much of Edmonton's economic activity is driven by the oil sands developments in and around the city of Fort McMurray, which is located about 450 km (280 miles) northeast of Edmonton.
Fort McMurray is home to one of the greatest concentrations of financial investment on the planet. Total capital investment for oil sands related projects is forecast to be $150 billion. This will allow production to quickly increase to 2 million barrels per day, and output that will put the area on a par with several OPEC producers.
The decline in conventional supplies of crude oil, coupled with continued increasing demand, has brought oil sands development to the forefront of the world economy. Global consumption of oil is expected to grow at an average of 1.5 to 2% annually. Projected world oil consumption for 2010 is forecasted at 91.6 million barrels per day, with 22.2 million barrels consumed in the United States alone. In 2004, Canada was the largest supplier of oil to the US market at 1.5 million barrels per day. Alberta's oil sands production comprises the bulk of Canada's oil exports to the U.S.
Projects of note:- Shell Canada Ltd., Western Oil Sands Inc., Chevron Texaco Corp (consortium)
Production target: 150,000 barrels per day. Investment: C $5.7 billion. - Canadian Natural Resources
Production target: 232,000 barrels per day. Investment: C $10.8 billion. - Syncrude Canada expansion
Production target: 360,000 barrels per day. Investment: C $7.8 billion. - Suncor Energy Inc. expansion
Production target: 225,00 barrels per day. Investment: C $3.4 billion. - Imperial Oil Limited
Production target: 300,000 barrels per day. Investment: C $5 to C $8 billion. - Petro Canada
Production target: 30,000 barrels per day. Investment: C $300 million. - China National Offshore Oil Corp
Purchased one-sixth share in oil sands company MEG Energy Corp. for C $150 million.