Abstract
The amount of the proved remaining reserves of crude oil in Canada is estimated to be 179 billion barrels including oil sands, which takes the second place in the world after Saudi Arabia. As more than one third of the crude oil production in Canada are from oil sands, it can be considered that oil sands are no longer mere unconventional resources. It is worth noting oil sands industries in Canada, which plan to expand or start commercial in-situ production projects and seek the opportunity of its exporting diversity.
Natural gas in Canada, which controls the operating cost of the oil sands projects, is also the key of the Canadian oil companies. Remaining reserves of natural gas in the Western Canada Sedimentary Basin is still abundant and there are several additional opportunities such as the coal bed methane and the northern pipelines.
With oil sands and conventional petroleum resources, Canadian oil business can be a part of the portfolio of the foreign companies now and in the future with its uniqueness in lower country risk, developed infrastructures, and stable markets.
