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Saskatchewan Oil & Gas Corporation, or SaskOil, was established in 1973 by the Government of Saskatchewan as a Crown corporation. [1] It was the first state-owned oil and gas company in North America, founded by Saskatchewan New Democratic Party Premier Allan Blakeney. [2]
Both the federal and Saskatchewan governments had forbidden their Crown corporations to participate in the project, yet both took part themselves. The province had a particular interest, since an upgrader would increase the market for heavy oil from Saskatchewan's fields. This would give the provincial oil industry an important boost.
Saskatchewan and offshore areas of Newfoundland in particular have substantial oil production and reserves. [3] 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%. [4]
Saskatchewan is Canada's second-largest oil-producing province after Alberta, producing about 13.5% of Canada's petroleum in 2015. This included light crude oil, heavy crude oil, and natural-gas condensate. Most of its production is heavy oil but, unlike Alberta, none of Saskatchewan's heavy oil deposits are officially classified as bituminous ...
The oil supply situation on the North American continent grew critical during the Korean War and helped enable construction by Trans Mountain Oil Pipe Line Company [18] of a transmission facility from Edmonton to Vancouver and, later, to the Seattle area. Oil first moved through the 1,200-kilometre, $93 million system in 1953.
According to the Government of Saskatchewan, approximately 95% of all items produced in Saskatchewan, depend on the basic resources available within the province. Various grains, livestock, oil and gas, potash, uranium, wood and their spin off industries fuel the economy. [8] As of 2017, Saskatchewan's GDP was approximately C$79.513 billion. [9 ...
The Viking Formation is conformably overlain by the Big River Formation and conformably and unconformably underlain by the Joli Fou Formation. [1]It is equivalent to the Bow Island Formation in southern Alberta, to the Newcastle Formation in North Dakota, to the Ashville Formation in Manitoba, the Pelican Sandstone in north-eastern Alberta and the Flotten Lake Sand in central Saskatchewan.
The early 1950s was a great year for the oil industry in south-western Saskatchewan. [17] In March 1953, Saskatchewan's oil reserves were at 124,000,000 barrels, increasing from 21,000,000 from 1951. [21]