Oil Sand Figures
The oil sands are the heart of Alberta’s economy and this amazing natural resource is located right here in Wood Buffalo. Over the next decade, investment in the oil sands alone will top $120 billion, fuelling economic diversification, expanding the value chain and securing wealth for all Canadians. Below are some of the key figures behind this incredible growth.
Did you know:
- Canada’s oil reserves are the second-largest in the world.
- The province of Alberta sits on 179 billion barrels of oil, and 97 per cent of those reserves are contained within the oil sands.
- Daily production from Alberta’s oil sands is currently approaching 1.7 million bpd. By 2035, the production volume will increase to 4.9 million bpd.
- For every permanent job in the oil sands, nine other direct, indirect or induced jobs are created.
- Right now, 240,000 Canadian jobs are directly or indirectly linked to the oil sands.
- Employment in the US due to new oil sands investments is expected to grow to 465,000 jobs by 2035.
- For every two jobs created in Canada, one job will be created in the US.
- Ten percent of the oil sands workforce is Aborginal.
- For every $1 million of investments or additional demand for bitumen, close to six jobs are created in Canada of which close to five are created in Alberta.
- Between 2000 and 2020, the oil sands has the potential to generate more than $123 billion in royalty and tax revenues for Canada’s federal and provincial governments.
- Each dollar invested in the oil sands creates nine dollars worth of economic activity globally, and six dollars worth of economic activity here in Alberta.
- The total investments, reinvestments and revenues from operations of new oil sands projects over a 25 year period (2010 – 2035) are estimated at just over $2 trillion.
- $253 billion is considered initial capital for construction and $1,824 billion for operation, maintenance and sustaining capital.