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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 ...
Map of countries with proven oil reserves - according to US EIA (start of 2017) Trends in proven oil reserves in top five countries, 1980–2013 (data from US Energy Information Administration) A map of world oil reserves according to OPEC, January 2014
Saskatchewan is rich in minerals. Oil and natural gas found beneath the prairie, prove to be one of the province's most important minerals. The area north of Lake Athabaska has been exploited for ores yielding uranium. In 1995 Saskatchewan uranium amounted to 30% of world uranium reserves. [5]
Crescent Point Energy and other operators are implementing waterfloods in the Bakken Formation of the Viewfield Oil Field in Saskatchewan. Some believe that waterflooding can raise the recovery factor at Viewfield from 19 percent to more than 30 percent, adding 1.5 to two billion barrels of additional oil.
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.
The Viking Formation had an initial established recoverable oil reserve of 88.7 million m³, with 66.8 million m³ already produced as of 2008. [3] Gas reserves totaled 277.9 million e³m³ (or 227,900 million m³), with 103.4 million e³m³ (or 103,400 million m³already produced.
The reserve includes a mixture of Aboriginal- and non-Aboriginal-owned businesses. [27] [28] [29] Following the success of the Muskeg Lake urban reserve, and following the same model, 28 more urban reserves have been created in Saskatchewan, including three each in Prince Albert, Yorkton and Fort Qu'Appelle. [27]