18 May 2009 22:38 [Source: ICIS news]
HOUSTON (ICIS news)--Canadian oil sands are a mainstream energy source that cannot be considered on the fringe of crude oil supply due to the importance of maintaining the western hemisphere’s energy security, IHS Cambridge Energy Research Associates (IHS CERA) said on Monday.
An IHS CERA study titled “Growth in the Canadian Oil Sands: Finding a New Balance” developed three future scenarios by 2035 for oil sands production, which could be as low as 2.3m bbl/day but as high as 6.3m bbl/day, depending on technology, the wider economy, oil prices and government regulation.
The high-end scenario calls for 37% of US oil imports from Canada by 2035, up from 19% last year, making the Canadian oil sands an "important part of the fabric of hemispheric and global energy security", the study said.
Development of the oil sands centred in the northern Canadian province of Alberta has made Canada the number one foreign supplier of oil to the US.
The vast reserves of crude oil trapped in the oil sands of Canada have become one of the most important sources of oil supply growth in the past decade. Production has more than doubled, from 600,000 bbl/day in 2000 to 1.3m bbl/day by 2009.
Public and private innovation is important to keep developing the oil sands, according to the study, which pulled research from 37 stakeholder organisations.
“The length and depth of the current economic recession, the pace of technological innovation as well as government regulation, particularly in addressing concerns about climate change will all shape the growth of oil sands,” IHS CERA and study chairman Daniel Yergin said.
To discuss issues facing the chemical industry go to ICIS connect
For the latest chemical news, data and analysis that directly impacts your business sign up for a free trial to ICIS news - the breaking online news service for the global chemical industry.
Get the facts and analysis behind the headlines from our market leading weekly magazine: sign up to a free trial to ICIS Chemical Business.
|ICIS news FREE TRIAL|
|Get access to breaking chemical news as it happens.|
|ICIS Global Petrochemical Index (IPEX)|
|ICIS Global Petrochemical Index (IPEX). Download the free tabular data and a chart of the historical index|
Asian Chemical Connections