Oil sands quite an opportunity for Canada and the US
A next generation of oil sands development in Canada is set to emerge amid rising world demand for energy resources, according to Imperial Oil CEO Bruce March. March’s remarks were captured during the annual IHS CERA executive conference in Houston, Texas.
“Oil sands investments are now in a period of recovery, driven by resurgent world demand for energy resources and by a positive long-term outlook for energy,” said Mr. March.
Speaking during a conference plenary session called “Strategies in an Era of Recovery,” Mr. March said Canada’s 170 billion barrels of recoverable oil sands reserves are needed to help provide the energy required to fuel improving living standards throughout the developing world.
Oil sands development also represents an important economic opportunity for Canada and the US in terms of energy security, job creation and economic activity. Mr. March said oil sands development will be a key component of the US economy, and could generate 340,000 new U.S. jobs plus 590,000 jobs in Canada over the next 25 years.
While recognizing there are important environmental considerations from oil sands development, positive progress as a result of new technology is being achieved, Mr. March said, citing the Kearl project in northern Alberta as a next generation oil sands facility. The project, currently under construction is scheduled for startup in late 2012.
Mr. March said Kearl tailings will be smaller; mined land will be reclaimed faster; and greater quantities of water will be recycled. Kearl will also adopt technologies to reduce greenhouse gas emissions.
“The September IHS CERA study indicates that our Kearl project will result in life-cycle greenhouse gas emissions no greater than the average of oil refined in the US,” Mr. March said.
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