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Over 70% of the oil and natural gas deposits in Canada are in the Central Plains. These form the most important resources of this region. The state of Alberta has 65% of Canadian oil. Saskatchewan has 12%. Alberta also has roughly 82% of the Canadian natural gas reserves. Hence Canadian plains oil and gas bring in much revenue to Canada.
Other than the oil and natural gas deposits, Alberta also has about 2.5 trillion barrels of oil that is deposited in the tar sands in four different areas in the state. Due to this major deposit of what is termed bitumen, Canadian plains oil and gas reserves are second only to Saudi Arabia. One of the largest bitumen mines in the world is in Fort McMurray. This open pit mine in the Canadian plains numbers as the nation’s fourth largest source of carbon dioxide.
The Canadian plains oil and gas are transported through pipelines to other parts of Canada and to the United States, Canada’s largest trading partner. It is estimated that by the year 2025, oil extracted from bitumen will make up 70% of Canada’s oil output. Thus the tar sands in the Canadian plains are a highly important source of future economic fortune for Canada.
Canadian Oil And Gas
Canadian plains oil and gas as well as oil from other parts of Canada are mainly exported to the United States, Canada’s primary trading partner. The US imports 99% of Canada’s crude oil. Russia, the United Kingdom and Australia also benefit from Canadian oil and gas exports. The oil and gas industry accounts for about $80.7 billion in Canadian revenue.
Natural gas production in Canada is one of the largest in the world. The privatized Canadian oil and gas sector has been consolidated in recent times with Imperial Oil, which is majority owned by Exxon-Mobil, being the largest player in the industry. US oil companies are also significant in Canada.
Canadian plains oil and gas account for the biggest deposits of oil and natural gas in Canada. This major natural resource is a primary source of revenue for Canada through exports to the US and other parts of the world.