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Why have Albertans earned such a solid reputation in the global community when it comes to the oil and gas production?
For one thing, they control about 81% of the energy resources in the province, making Alberta a key component to the growth of the Canadian economy. The providence’s largest gross domestic product, capital investments, and exports are energy development. They have, in addition, earned respected because the vast reserves in Alberta offer an array of challenges to producers and distribution channels due to the temperature extremes, remote distances, and permafrost conditions.
The industry also benefits from the Government of Alberta providing investments to push research and technology forward in order to drive sustainable energy production.
‘Oil sands’ twenty-five years out…
According to estimates by the Canadian Energy Research Institute, about $235 billion will be infused into new oil development over the next 25 years. This is because the bitumen – also known as asphalt – production in Alberta is expected to grow to 3.7 million barrels a day but 2021. With the current level of bitumen product being 1.7 million barrels a day, that is a sizable increased in less than 10 years.
Challenges facing the industry …
Because oil and gas mining/extraction is an outdoor event, environmental issues like land management, water and air quality, and conservationists will always be a critical element in the overall success of Alberta’s ongoing energy development. What’s more, there is always the possibility of new innovation in natural gas substitution as well as new ways to improve recovery and processing methods.
Another challenge is equipment for oil and gas drilling. As of 2012, over 8,000 equipment and service companies were in place in Alberta. This equipment must handle a host of challenges – as mentioned before, temperature extremes, remote distances, and permafrost conditions, etc. – not to mention the challenge of transporting the product.to handle a host of challenges in drilling for product and the logistics of transporting it.