The Athabasca deposit is the largest known reservoir of crude bitumen in the world and the largest of three major oil sands deposits in Alberta, along with the nearby Peace River and Cold Lake deposits (the latter stretching into Saskatchewan).
Why are the Alberta oil sands important?
The responsible development of oil sands is a key driver of Alberta's and Canada's economy. It creates jobs and tax revenue for government which support the social programs and capital infrastructure projects we rely on.
Why are the Athabasca oil sands significant?
World of Change: Athabasca Oil Sands. Buried under Canada's boreal forest is one of the world's largest reserves of oil . ... In 2010, surface mines produced 356.99 million barrels of crude oil, while in situ production (the hot water wells) yielded 189.41 million barrels of oil.
Why are the oil sands in Alberta so important to Canada?
Canada's oil sands are the largest deposit of crude oil on the planet. ... Thanks to innovation and technology we can recover oil from the oil sands , providing energy security for the future. Oil sands are a mixture of sand, water and bitumen (oil that is too heavy or thick to flow on its own).
How does the development of the oil sands in Alberta affect their economy?
A strong oil sands sector drives a strong national economy by attracting capital, creating jobs and supporting public services . ... In 2019, the oil sand industry invested more than $4 billion into the Canadian economy in the form of supplies and services across all provinces (excluding Alberta).
Are oil sands good or bad?
Tar sands oil — even the name sounds bad. And it is bad . In fact, oil from tar sands is one of the most destructive, carbon-intensive and toxic fuels on the planet. Producing it releases three times as much greenhouse gas pollution as conventional crude oil does.
What happens at the Athabasca oil sands?
Only 20 percent of the oil sands lie near the surface where they can easily be mined , and these deposits flank the Athabasca River. The rest of the oil sands are buried more than 75 meters below ground and are extracted by injecting hot water into a well that liquefies the oil for pumping.
What is the problem with Alberta oil sands?
There are four major issues affecting the oilsands: declining price outlooks, market access, a reduction in investment and climate change pressures .
What are the disadvantages of oil sands?
- Enormous GHG emissions. ...
- Relatively low net energy return compared to other sources.
- Large amounts of water required: roughly 3:1.
- Water pollution. ...
- Destructive to major boreal forest.
- Widespread habitat destruction, both on land and water.
- Requires expensive and risky pipelines.
Why are oil sands bad for the environment?
Oil sand extraction results in the accumulation of large amounts of residual waste known as tailings , which contain a mixture of water, clay, un-recovered bitumen and solvent, and dissolved chemicals, including some organic compounds that are toxic. These tailings are stored in large ponds similar to water dams.
How much of Canada's oil comes from Alberta?
In 2019, Alberta had the highest amount of crude oil production in Canada. In 2019, Alberta leads the provinces in crude oil production with 80.5% of Canada's total production, Saskatchewan produced 10.5%, and Newfoundland and Labrador produced 5.6%.
What are the benefits of oil sands?
- Very large supply. Second largest oil field in the world.
- Economically recoverable at today's oil prices.
- Will help keep oil prices relatively low.
- Enormous growth potential. ...
- Big economic driver in Alberta. ...
- Stable source country (a rarity for oil)
- GHG emissions could potentially be minimized through CCS.
What are the impacts of the tailing ponds?
There are several environmental concerns that are associated with the existence of tailings ponds. The main problem with the ponds is that they include toxic and harmful chemicals such as ammonia, mercury, and naphthenic acids . The water containing these chemicals is toxic to animals, particularly aquatic organisms.
How do oil sands affect society?
Tar sands chemicals have further been linked to higher rates of cancer in Indigenous communities and dangerous air pollution . And the effects of the tar sands don't stay in Canada. Globally, Indigenous communities and the Global South are on the frontline of climate impacts.
How much money does Alberta make from oil 2020?
Revenue for 2020-21 was $43.1 billion , which is $800 million higher than the third-quarter forecast reported in the budget, but $3.1 billion lower than the previous year. That revenue includes the $1.3-billion loss of the government's investment in the now-cancelled Keystone XL pipeline expansion project.
