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Because proven reserves include oil recoverable under current economic conditions, nations may see large increases in proven reserves when known, but previously uneconomic deposits become economic to develop. In this way, Canada's proven reserves increased suddenly in 2003 when the oil sands of Alberta were seen to
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%.
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]
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 ...
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 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 accumulated funds may have their origin in, or may represent, foreign currency deposits, foreign exchange reserves, gold, special drawing rights (SDRs) and International Monetary Fund (IMF) reserve position held by central banks and monetary authorities, along with other national assets such as pension investments, oil funds, or other ...
The economies of Alberta, Saskatchewan, Newfoundland and Labrador and the territories rely heavily on natural resources. On the other hand, Manitoba, Quebec and The Maritimes have the country's lowest per capita GDP values.
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