Canada’s rich natural resources are a significant economic driver, accounting for around 11.7% of its economy, with the oil and gas industry taking centre stage. Venezuela is the least attractive jurisdiction for investment globally. See also: List of countries by Oil Reserves. See also: List of countries by Oil Reserves. Marjan Complex- 17,238,800,384 boe. Instead, it must be mined, heated, or diluted with solvents to allow it to be produced, and must be upgraded to lighter oil to be usable by refineries. The balance is concentrated in several other provinces and territories. While the service sector is Canada’s biggest economic driver, the country is a significant exporter of energy, food and minerals. Canada has the third-largest proven oil reserve in the world, most of which is in the oil sands . Countries like Canada and Venezuela are hindered by geology – in these places, the majority of oil is extra heavy crude or bitumen (oil sands), and these types of oil are simply more difficult and costly to extract. Oil. This figure includes the oil sands reserves that are estimated by government regulators to be economically producible at current prices using current technology. Canada. Brunei Darussalam holds 1,100,000,000 barrels of proven oil reserves as of 2016, ranking 39th in the world and accounting for about 0.1% of the world's total oil reserves of 1,650,585,140,000 barrels. 97% of Canada’s proven oil reserves are located in the oil sands. (NA) This entry is the stock of proved reserves of crude oil in barrels (bbl). Since Alberta’s oil reserves account for 97 percent of Canada’s proven reserves, this enables Canada to be the third-highest ranked country in terms of proven global reserves. Over 99% of Canadian oil exports are sent to the United States, and Canada is the United States' largest supplier of oil. Total crude oil production in Canada was projected to increase by an average of 8.6 percent per year from 2008 to 2011 as a result of new non-conventional oil projects. Two of the largest band membership reserves in Canada are the Six Nations of the Grand River, near Brantford, Ontario, and the Mohawks of Akwesasne, who live near Cornwall, Ontario, in a territory that straddles the borders of Ontario, Quebec and New York. The top 5 countries also includes Russian Federation, Saudi Arabia, China, and Iraq. In 2019, Canada produced 4.7 million barrels of oil per day (b/d), of which 94% came from producing areas in Western Canada. [2] Alberta contains nearly all of Canada's oil sands and much of its conventional oil reserves. In August 2020, crude oil reserves for Canada was 3,718 thousand barrels per day. Here are the 10 biggest Canadian oil and gas companies measured by trailing 12-months (TTM) revenue. Canada is a net exporter of crude oil, with most of its sales heading to the US, to which it … [5], The decision of accounting 174 billion barrels (28×10^9 m3) of the Alberta oil sands deposits as proven reserves was made by the Energy Resources Conservation Board (ERCB), now known as the Alberta Energy and Utilities Board (AEUB). Here are the 10 countries with the most oil reserves: Venezuela (300.90 Bn) Saudi Arabia (266.50 Bn) Canada (169.70 Bn) Iran (158.40 Bn) Iraq (142.50 Bn) Kuwait (101.50 Bn) United Arab Emirates (97.80 Bn) Russia (80.00 Bn) Libya (48.40 Bn) Nigeria (37.10 Bn) Oil Reserves by Country 2020. Crude oil also known as petroleum is the most profitable natural resource in the world country, the country with this natural resource is blessed with a booming economy and if they use the money properly they can offer their citizens with a lot of government services. As of August 2020, crude oil reserves in the United States of America was 10,579.26 thousand barrels per day. Proven Oil Reserves is determined through geological and engineering processes to produce an estimated value of oil stocks in the ground. Regionally, South & Central America has the highest R/P ratio (144 years) while Europe has the lowest (12 years). The OPEC was founded in the year 1960 and was set up to coordinate petroleum … Oil sands deposits in the province of Alberta account for more than 95% of the country’s reserves. Total Canadian proven oil reserves are estimated at 171.0 billion barrels, of which 166.3 billion barrels are found in Alberta's oil sands and an additional 4.7 billion barrels in conventional, offshore, and tight oil formations. Though Canada crude oil reserves fluctuated substantially in recent months, it tended to decrease through September 2019 - August 2020 period ending at 3,718 thousand barrels per day in August 2020. Answer: The oil proved reserves of Canada is 178,100,000,000. Proven oil reserves are reserves that are known to exist and that are recoverable under current technological and economic conditions. 3. Key facts. Canada has the third-largest oil reserves in the world. Canada boasts the third-largest proven crude oil reserves globally and the sector represents around … 1 US barrel corresponds to 158.9873 liters and 0.136 tons of oil. Coal reserves, million short tons, 2017 - Country rankings: The average for 2017 based on 190 countries was 6012.16 million short tons.The highest value was in the USA: 253455 million short tons and the lowest value was in Angola: 0 million short tons. According to this figure, Canada's reserves are third only to Venezuela and Saudi Arabia. This is a list of countries by natural gas proven reserves based on The World Factbook (when no citation is given). Mostly known as the land of friendly people, moose, and snowy winters, Canada also has significant oil reserves in the western province of Alberta, however. Canada Proven reserve: 175,200,000,000 billion barrels Canada has a highly sophisticated energy industry and is both an importer and exporter of oil … In addition, Canada is one of only 3 countries among the top 10 proved reserves Proven oil reserves: 173.105. The province also holds a considerable amount of its conventional oil reserves, while most of its oil exports are sent to the US. Oil sands: Canadian Association of Petroleum Producers Statistical Handbook Table 4-16B (Canada Oil Sands Expenditures), Statistics Canada tables 34-10-0036-01, 25-10-0014-01 and 25-10-0063-01, Alberta Energy Regulator ST98 (Alberta's Energy Reserves and Supply/Demand Outlook) table S3.1 (Crude bitumen production), Canada’s Oil Sands Innovation Alliance, CanOils Database and NRCan analysis Canada’s oil sand operations, the largest in the world, have also been hit hard by the coronavirus pandemic. Saudi Arabia’s oil reserves, on the other hand, are close to the surface and on the land. World’s biggest oil fields: Ranking the top five. When no citation is given ) Arabia has the third-largest oil reserves were 1734 billion barrels conventional... Reserves behind from 3854 BBL/D/1K in August from 3854 BBL/D/1K in August 2020, crude oil - proved reserves on. Of its conventional oil resources abroad now Alaska with approximately three times much! 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