Canada Is Leading Exporter Of Crude

[Lexusfreak]

This is kind of an FYI thread.

September 7, 2005

Canada the leading exporter of crude oil to the United States

Ottawa, Ontario - As reported by the Green Car Congress, in the first half of this year, Canada was the leading exporter of crude to the United States, averaging 1.61 million barrels per day; Mexico was second with 1.57 million, followed by Saudi Arabia with 1.53 million.

The Canadian government is envisioning oil sands production of six million barrels per day by 2030. Claude Drzymala, a senior energy adviser at the Canadian Department of Industry, made the statement in the Netherlands at the National Oil Companies Summit.

Earlier this year, the Canadian Association of Petroleum Producers (CAPP) estimated that by 2015, the current 2.6 million barrels of oil produced per day could increase to 3.9 million, based largely on increases in oil sands production. About one million of the current 2.6 million barrels comes from oil sands. Rapidly rising crude prices and tight supply are fueling investment in formerly uneconomical and unconventional oil recovery, such as from oil sands or oil shale. The U.S. has the largest resources of oil shale, while Canada has the largest supply of oil sands.

Recent investments include international oil giant Total's acquisition of Deer Creek Energy in a $1.35 billion cash deal, which contains an 84 per cent interest in Alberta's Joslyn oil sands leases; an agreement between Petro Canada and Teck Cominco, the world's largest zinc miner, to acquire a 15 per cent interest in its Fort Hills oil sands project, which brings in an experienced mining partner; and a forecast of $45 billion by companies such as Exxon Mobil, Royal Dutch Shell and Suncor Energy to expand oil sands output between now and 2010.