Oil reserves in Canada - wikipedia Oil reserves in Canada This article is part of a series on Petroleum in Canada Early history Story of natural gas Oil sands and heavy oil The frontiers Gas liquids Resources and producers Oil reserves Petroleum companies Categories Oil fields Oil refineries Oil companies Economy of Canada Energy policy of Canada Canada proved oil reserves : conventional crude oil in red ( data from OPEC ) and total proved reserves including from oil sands in black ( data from US Energy Information Administration ) Conventional crude oil reserves in Canada ( excludes condensate, natural gas liquids, and petroleum from oil sands ). Oil reserves in Canada were estimated at 172 billion barrels ( 27 × 10 ^ m ) as of the start of 2015. This figure includes the oil sands reserves that are estimated by government regulators to be economically producible at current prices using current technology. According to this figure, Canada 's reserves are third only to Venezuela and Saudi Arabia. Over 95 % of these reserves are in the oil sands deposits in the province of Alberta. Alberta contains nearly all of Canada 's oil sands and much of its conventional oil reserves. The balance is concentrated in several other provinces and territories. Saskatchewan and offshore areas of Newfoundland in particular have substantial oil production and reserves. Alberta has 39 % of Canada 's remaining conventional oil reserves, offshore Newfoundland 28 % and Saskatchewan 27 %, but if oil sands are included, Alberta 's share is over 98 %. Contents 1 Status 2 See also 3 External links 4 References Status Canadian conventional oil production peaked in 1973, but oil sands production is forecast to increase to at least 2020 Canada has a highly sophisticated energy industry and is both an importer and exporter of oil and refined products. In 2006, in addition to producing 1.2 billion barrels ( 190 × 10 ^ m ), Canada imported 440 million barrels ( 70 × 10 ^ m ), consumed 800 million barrels ( 130 × 10 ^ m ) itself, and exported 840 million barrels ( 134 × 10 ^ m ) to the U.S. The excess of exports over imports was 400 million barrels ( 64 × 10 ^ m ). Over 99 % of Canadian oil exports are sent to the United States, and Canada is the United States ' largest supplier of oil. The decision of accounting 174 billion barrels ( 28 × 10 ^ m ) of the Alberta oil sands deposits as proven reserves was made by the Alberta Energy and Utilities Board ( AEUB ), now known as the Energy Resources Conservation Board ( ERCB ). Although now widely accepted, this addition was controversial at the time because oil sands contain an extremely heavy form of crude oil known as bitumen which will not flow toward a well under reservoir conditions. Instead, it must be mined, heated, or diluted with solvents to allow it to be produced, and must be upgraded to lighter oil to be usable by refineries. Historically known as bituminous sands or sometimes as `` tar sands '', the deposits were exposed as major rivers cut through the oil - bearing formations to reveal the bitumen in the river banks. In recent years technological breakthroughs have overcome the economical and technical difficulties of producing the oil sands, and by 2007 64 % of Alberta 's petroleum production of 1.86 million barrels per day ( 296,000 m / d ) was from oil sands rather than conventional oil fields. The ERCB estimates that by 2017 oil sands production will make up 88 % of Alberta 's predicted oil production of 3.4 million barrels per day ( 540,000 m / d ). The fivefold increase in oil prices from 1998 to 2007 made Canadian oil sands production profitable. Analysts estimate that a price of $30 to $40 per barrel is required to make new oil sands production profitable. In recent years prices have greatly exceeded those levels and the Alberta government expects $116 billion worth of new oil sands projects to be undertaken between 2008 and 2017. However the biggest constraint on oil sands development is a serious labor and housing shortage in Alberta as a whole and the oil sands centre of Fort McMurray in particular. According to Statistics Canada, by September, 2006 unemployment rates in Alberta had fallen to record low levels and per - capita incomes had risen to double the Canadian average. Another hurdle has been Canada 's capacity to rapidly increase its export pipelines. The National Energy Board indicated that exporters faced pipeline apportionment in 2007. However, surging crude oil prices sparked a jump in applications for oil pipelines in 2007, and new pipelines were planned to carry Canadian oil as far south as U.S. refineries on the Gulf of Mexico. Up until 2010 Canada was the only major oil producer in the Organization for Economic Co-operation and Development ( OECD ) to have an increase in oil production in recent years. Production in the other major OECD producers ( the United States, United Kingdom, Norway and Mexico ) at that time have been declining, as was conventional oil production in Canada. Total crude oil production in Canada was projected to increase by an average of 8.6 percent per year from 2008 to 2011 as a result of new non-conventional oil projects. See also Athabasca Oil Sands History of the petroleum industry in Canada ( oil sands and heavy oil ) External links Map of Canadian Oil and gas infrastructure References Jump up ^ EIA ( 2015 ). `` International Energy Statistics ''. Energy Information Administration of the U.S. Department of Energy. Retrieved 2015 - 03 - 10. ^ Jump up to : EIA ( 2007 ). `` Country Analysis Brief : Canada ''. U.S. Energy Information Administration. Retrieved 2007 - 10 - 07. Jump up ^ USask ( 2006 ). `` Canadian frontier petroleum '' ( DOC ). University of Saskatchewan. Retrieved 2006 - 12 - 04. Jump up ^ NEB ( May 2008 ). `` Canadian Energy Overview 2007 ''. National Energy Board of Canada. Retrieved 2008 - 07 - 30. Jump up ^ EIA ( 2007 - 12 - 28 ). `` Crude Oil and Total Petroleum Imports Top 15 Countries October 2007 Import Highlights : Released on December 28, 2007 ''. Energy Information Administration of the U.S. Department of Energy. Retrieved 2007 - 10 - 07. ^ Jump up to : ERCB ( 2008 ). `` ST98 : Alberta 's Energy Reserves 2007 and Supply / Demand Outlook 2008 - 2017 ''. Alberta Energy Resources Conservation Board. Retrieved 2008 - 07 - 29. Jump up ^ Cross, Philip ; Geoff Bowlby ( September 2006 ). `` The Alberta economic juggernaut '' ( PDF ). Canadian Economic Observer. Statistics Canada. Archived from the original ( PDF ) on March 29, 2009. Retrieved 2006 - 12 - 05. Jump up ^ NEB ( July 2007 ). `` Capacity constraints coming ''. 2007 Canadian Hydrocarbon Transportation System Assessment. National Energy Board of Canada. Retrieved 2007 - 08 - 14. Jump up ^ NEB ( 6 May 2008 ). `` Surging crude oil prices sparked a jump in applications for oil pipelines in 2007 ''. National Energy Board of Canada. Retrieved 2008 - 07 - 30. Jump up ^ Clavet, Frederic ( February 2007 ). `` Canada 's Oil Extraction Industry : Industrial Outlook, Winter 2007 ''. The Conference Board of Canada. Retrieved 2007 - 04 - 01. Oil reserves by country Listing List of countries by proven oil reserves Countries Canada Cuba Ghana Iran Iraq Kuwait Libya Mexico Nigeria Russia Saudi Arabia United Arab Emirates United States Venezuela Canada History Year list ( Timeline ) Pre-colonization New France ( 1534 -- 1763 ) British Canada ( 1763 -- 1867 ) Post-Confederation ( 1867 -- 1914 ) World Wars and Interwar Years ( 1914 -- 1945 ) Modern times : 1945 -- 1960 1960 -- 1981 1982 -- 1992 since 1992 Topics Constitutional Crown & Aboriginals Economic Etymology Former colonies & territories Immigration Military Monarchical National Historic Sites Persons of significance Territorial evolution Women Provinces and territories Provinces Alberta British Columbia Manitoba New Brunswick Newfoundland and Labrador Nova Scotia Ontario Prince Edward Island Quebec Saskatchewan Territories Northwest Territories Nunavut Yukon Government Law Constitution Monarch Governor General Parliament ( Senate House of Commons ) Prime Minister list Courts Supreme Court Military Local government Foreign relations Law enforcement Politics Elections LGBT rights Multiculturalism Geography Regions ( west to east ) Pacific Northwest Western Canada Great Plains Canadian Prairies Northern Canada Canadian Shield Great Lakes Central Canada The Maritimes Eastern Canada Atlantic Canada Topics Animals Cities Earthquakes Islands Mountains National Parks Plants Great Lakes Regions Rivers Volcanoes Economy Agriculture Banking Bank of Canada Dollar Communications Companies Energy Fishing Oil Stock exchange Taxation Tourism Transportation Science and technology Social programs Poverty Society Education Healthcare Crime Values Demographics Topics Canadians Immigration Languages Religion 2001 Census 2006 Census 2011 Census Population Top 100s Metropolitan areas and agglomerations Population centres Municipalities Culture Architecture Art Cinema Cuisine Festivals Folklore People Holidays Identity Literature Music Nationalisms Online media Protectionism Sports Theatre Symbols Coat of arms Flags Provincial and territorial Royal Heraldic Article overviews Index Outline Topics Research Bibliography Historiography Book Portal Economy of Canada General topics Advance Commercial Information Bay Street Branch plant economy CHRP ( Designation ) Canada Development Corporation Canadian Agreement on Internal Trade Canadian public debt Canadian transfer payments Credit Institute of Canada Crow Rate Economic impact of immigration to Canada Comparison of Canadian and American economies Equalization payments in Canada Federal Contractors ' Program Federal financing for small businesses in Canada International rankings of Canada LLQP Land ownership in Canada Great Recession in the Americas Montreal Exchange NAFTA superhighway NASDAQ Canada National Child Benefit National Round Table on the Environment and the Economy Oil reserves in Canada Canadian Payroll Association List of Canadian provinces and territories by gross domestic product Canada Savings Bond Canadian Securities Course Security and Prosperity Partnership of North America Student Connections Student Connections Red River College 3rd Summit of the Americas System for Electronic Document Analysis and Retrieval Industry Athabasca oil sands Automotive industry in Canada Nuclear industry in Canada Tax Canadian import duties List of tariffs in Canada Taxation in Canada Labour Canadian labour law Minimum wage in Canada Social Union Framework Agreement Social welfare in Canada Indices Canadian Index of Consumer Confidence International rankings of Canada Retrieved from `` https://en.wikipedia.org/w/index.php?title=Oil_reserves_in_Canada&oldid=815067832 '' Categories : Petroleum industry in Canada Economic history of Canada Oil companies of Canada History of Alberta Energy in Canada Oil fields of Alberta Bituminous sands of Canada Oil reserves by country Geology of Canada Talk Contents About Wikipedia Languages فارسی Edit links This page was last edited on 12 December 2017, at 15 : 40. 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Question: where is canada's greatest concentration of fossil fuel resources located
Answer: Alberta