North American oil sands market to reach $26 billion this year: report
Canadian and American oil sands combined markets will reach $25.8 billion this year as development of unconventional oil resources continue to grow in North America driven by a sustained oil demand, a new market research report highlights.
According to the study, oil sands have been a considerable contributor to the surge of alternative oil supplies.
Canadian oil sands alone are the largest free-market source of hydrocarbons in the world and the third largest oil resources after Venezuela and Saudi Arabia.
The estimated recoverable oil from the Canadian oil sands is between 169-174 billion barrels and unlike other regions of the world, Canadian and US governments have raised few national barriers to control these resources, says the North American Oil Sands Market 2013-2023 report.
The future growth of bitumen production is influenced by a number of factors such as the price of Canadian crude oil, the capacity of pipelines out of Alberta and access to other export infrastructure such as railways and shipping routes to international markets.
The North American Oil Sands Market 2013-2023 looks into new opportunities for oil sands companies, outlining the current status and potential of the market with a 10-year forecast.