BlogOil Sands

Oil Sands Companies

oil sands companies

Oil sands are a type of petroleum deposit, most of which are located in Alberta, Canada. Oil sands companies have secured Canada’s place in the global oil market; however, there has been much criticism for this method of extraction, as it is extremely damaging to the environment.

Example of a Suncor oil extraction site. Suncor is the largest of the oil sands companies.
Suncor oil extraction site.

Environmental Concerns

The target of oil sands reserves is bitumen, a dense form of crude oil which covers the sand. Extracting this bitumen from oil sands accounts for 8.5% of Canada’s total emissions, which is a considerable amount to consider when looking at reducing Canada’s emissions.

A barrel of oil emits 80% of its greenhouse gases during combustion by the individual using the oil. So, to make the largest impact, the government could provide the end user with more sustainable Canadian natural resources.

Oil Sands Production

The Alberta oil sands contributes to approximately 64% of Canadian oil exports, and has secured itself as a major contributor to Canada’s economy. This is equivalent to producing 2.9 million barrels per day, and over 1 billion barrels per year. Just five oil companies in Canada account for 82% of this production. The largest contributor is Suncor Energy, who’s carbon emissions have been increasing by around 10% per year.

Other large companies like Cenovus Energy and Athabasca Oil, have been scaling back projects this year due to the coronavirus outbreak. This is likely to take a toll on many oil companies, and it is predicted that Canadian oil stocks will continue to decline over the coming months. In fact, recent news shows oil prices have actually turned negative.

Future Projects

Further expansions to oil sands infrastructure continue to attract attention. Major oil pipelines for carrying crude oil from Canada’s tar sands region have been called into question over environmental concerns. The impact that a leak could have on the lakes that it would pass through would be disastrous for the ecosystem. This questioning shows that there is still hope for the scaling back of these oil and gas industries.

Oil sands companies account for a large amount of the oil used in our everyday lives. They are also a large source of carbon, and oil pipe leaks can damage huge areas of environmental importance. Therefore, the move away from these companies towards the use of sustainable natural resources is essential to protect the environment.

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