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As of 2009, Syncrude and Irving Oil were leaders in the Canadian industry, with Syncrude being the top producer of oil sands crude and Irving Oil operating the largest oil refinery in the country. [5] Canadian oil company profits quickly recovered following the 2008 financial crisis; In 2009 they were down 90% but in 2010 they reached $8.4 billion.
The Pembina Institute suggested that the huge investments by many companies in Canadian oil sands leading to increased production results in excess bitumen with no place to store it. It added that by 2022 a month's output of waste-water could result in a 11-foot-deep (3 m) toxic reservoir the size of New York City's Central Park [840.01 acres ...
Canadian oil sands may refer to: Athabasca oil sands. Peace River or Cold Lake where other bitumen deposits are located; Fort McMurray where the industry is located;
Along with U.S. tight oil plays, Canada's oil sands are one of the most promising unconventional oil resources in North America. Alberta's oil sands industry supports tens of thousands of Canadian ...
It specializes in production of synthetic crude from oil sands. In the 2020 Forbes Global 2000, Suncor Energy was ranked as the 48th-largest public company in the world. [4] Suncor was created by Sun Oil in 1979 by the merger of its Canadian conventional and heavy oil companies, the Sun Oil Company and Great Canadian Oil Sands.
The price of benchmark West Texas Intermediate (WTI) oil at Cushing, Oklahoma above US$100/bbl that prevailed until late 2014 was sufficient to promote active growth in oil sands production. Major Canadian oil companies had announced expansion plans and foreign companies were investing significant amounts of capital, in many cases forming ...
In recent years, Canadian oil sands producers' performance has significantly lagged that of its peers targeting U.S. tight oil formations, such as Texas' Eagle Ford and North Dakota's Bakken. Part ...
Unconventional oil is rapidly becoming an important and abundant resource in the U.S. As a matter of fact, liquids production is set to increase nearly 26% from 10.4 million barrels per day in ...