Canada's oil sands seen adding 1.19 trln usd to GDP by 2020
Canada's oil sands seen adding 1.19 trln usd to GDP by 2020 - study - Forbes.com
OTTAWA (AFX) - Canada's Alberta oil sands will generate 1.19 trln usd or about 3 pct of the country's gross domestic product by 2020, according to a new study.
The sector now represents 1.5 pct Canadian GDP.
Calgary-based Canadian Energy Research Institute forecast the economic impact of the world's second-largest crude oil deposit after Saudi Arabia based on a rate of 40 usd per barrel. Oil is currently trading at over 65 usd.
Some 85 bln usd in investment will be needed, however, to build oil sands projects over the next 20 years, the research group said in a statement.
More than 22 bln usd have already been invested in the past four years.
Canada has some 179 bln barrels of reserves in Alberta's oil sands, but because of the high extraction costs, the deposits were long neglected, except by local companies.
Since 2000, skyrocketing crude oil prices and improved extraction methods have made it more economical to exploit the sands and lured international oil companies such as Total, Shell and ConocoPhilips.
OTTAWA (AFX) - Canada's Alberta oil sands will generate 1.19 trln usd or about 3 pct of the country's gross domestic product by 2020, according to a new study.
The sector now represents 1.5 pct Canadian GDP.
Calgary-based Canadian Energy Research Institute forecast the economic impact of the world's second-largest crude oil deposit after Saudi Arabia based on a rate of 40 usd per barrel. Oil is currently trading at over 65 usd.
Some 85 bln usd in investment will be needed, however, to build oil sands projects over the next 20 years, the research group said in a statement.
More than 22 bln usd have already been invested in the past four years.
Canada has some 179 bln barrels of reserves in Alberta's oil sands, but because of the high extraction costs, the deposits were long neglected, except by local companies.
Since 2000, skyrocketing crude oil prices and improved extraction methods have made it more economical to exploit the sands and lured international oil companies such as Total, Shell and ConocoPhilips.
posted by Marcel at 1:08 PM
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