Production
Bituminous sands are a major source of unconventional oil, although only Canada has a large-scale commercial oil sands industry. In 2006, bitumen production in Canada averaged 1.25 million barrels per day (200,000 m3/d) through 81 oil sands projects. 44% of Canadian oil production in 2007 was from oil sands. This proportion is expected to increase in coming decades as bitumen production grows while conventional oil production declines, although due to the 2008 economic downturn work on new projects has been deferred. Petroleum is not produced from oil sands on a significant level in other countries.
The Alberta oil sands have been in commercial production since the original Great Canadian Oil Sands (now Suncor Energy) mine began operation in 1967. A second mine, operated by the Syncrude consortium, began operation in 1978 and is the biggest mine of any type in the world. The third mine in the Athabasca Oil Sands, the Albian Sands consortium of Shell Canada, Chevron Corporation, and Western Oil Sands Inc. began operation in 2003. Petro-Canada was also developing a $33 billion Fort Hills Project, in partnership with UTS Energy Corporation and Teck Cominco, which lost momentum after the 2009 merger of Petro-Canada into Suncor.
In May 2008, the Italian oil company Eni announced a project to develop a small oil sands deposit in the Republic of the Congo. Production is scheduled to commence in 2014 and is estimated to eventually yield a total of 40,000 barrels per day (6,400 m3/d).
Read more about this topic: Oil Sands
Famous quotes containing the word production:
“The heart of man ever finds a constant succession of passions, so that the destroying and pulling down of one proves generally to be nothing else but the production and the setting up of another.”
—François, Duc De La Rochefoucauld (1613–1680)
“By bourgeoisie is meant the class of modern capitalists, owners of the means of social production and employers of wage labor. By proletariat, the class of modern wage laborers who, having no means of production of their own, are reduced to selling their labor power in order to live.”
—Friedrich Engels (1820–1895)
“The development of civilization and industry in general has always shown itself so active in the destruction of forests that everything that has been done for their conservation and production is completely insignificant in comparison.”
—Karl Marx (1818–1883)