THE CANADIAN OIL SANDS         

 

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Text Box: In 1967, Suncor Energy (then known as The Great Canadian Oil Sands Company) opened the world's first commercial-scale oil sands processing plant.  At a cost of $240 million dollars, the plant began producing 45,000 barrels of oil per day.  Current production is around 225,000 barrels per day. Construction began three years earlier, and the president then said of the gamble, "I am convinced this venture will succeed, and that it will be the means of opening up reserves that will meet the needs of the North American continent for generations to come."  (Howard Pew) Suncor Energy is Canadian-based and has assets of $8 billion. Besides mining, extracting, and upgrading crude oil from the oil sands, Suncor Energy also develops and markets natural gas, operates a refining business in Ontario, and develop renewable energy sources. Suncor Energy produces all of its energy requirements on-site, including steam, water, and power.  In 1999, Suncor entered into an agreement with TransAlta Corporation to construct and operate a new cogeneration facility on the site. Suncor Energy also has an important environmental responsibility.

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Text Box: Text Box:   A newly created oil sands company is                                     Albian Sands.  It will construct and operate what will be known as the Muskeg River Mine.  The Muskeg River Mine is part of a larger project called the Athabasca Oil Sands Project (AOSP). The AOSP, a $5.7 billion investment, is jointly owned by three companies:        -Shell Canada        -Chevron Canada Resources        -Western Oil Sands Inc. Shell owns a 60% stake in the venture, while Chevron and Western each own 20%. Click here to learn more about the project.

 

Text Box: back to top Text Box: back to top Text Box: back to top Text Box: back to top Text Box: back to top Text Box: back to top Text Box: back to top Text Box: back to top Text Box: back to top Text Box: back to top Text Box: back to top Text Box: back to top Text Box: back to top Text Box: Besides being a 12% stakeholder in Syncrude,  PetroCanada owns (wholly or in part) several large  sections of land in Alberta (mainly in the Athabasca region) which are potential oil sands development sites. PetroCanada has a 100% stake in the MacKay River Oil Sands Project, which is currently under construction and scheduled to begin producing its first barrels of bitumen this year or early next year. Petro-Canada is one of the largest integrated oil and gas companies in Canada and a significant international player. Click here to learn more about the projects   Text Box: back to top Text Box:   Fort Hills Oil Sands Project is a proposed joint venture   by two companies: TrueNorth Energy, and UTS Energy.   TrueNorth Energy will be the developer, operator and   major owner of the venture, with a 78% stake.  UTS Energy will own the remainin 22%. On October 22, 2002, the Alberta Energy and Utilities Board approved development of the project.  The planned commission date for the Fort Hills Oil Sands Project is 2005. TrueNorth Energy L.P. is an independent energy company with operations focused in the Athabasca Oil Sands.  The strategic focus of UTS Energy Corporation is  its participation in the Fort Hills oil sands project. Click here to learn more about the project.