Canada ranks 2nd largest oil reserve after Saudi Arabia and is far ahead of Unites States. With abundant fresh water resources, low population, vast land and rich mineral deposits (non-metal)

What do you feel about this ?
Where this head to ?
How this will contribute to a much stronger economy in future ?
How the red tape, politics and corruption might mess the bounty in future?


http://www.nationmaster.com/graph/ene_oil_res-energy-oil-reserves

#1 Saudi Arabia: 262,700,000,000 barrels
#2 Canada: 178,900,000,000 barrels
#3 Iran: 133,300,000,000 barrels
#4 Iraq: 112,500,000,000 barrels
#5 United Arab Emirates: 97,800,000,000 barrels
#6 Kuwait: 96,500,000,000 barrels
#7 Venezuela: 75,590,000,000 barrels
#8 Russia: 69,000,000,000 barrels
#9 Libya: 40,000,000,000 barrels
#10 Nigeria: 36,000,000,000 barrels
#11 Mexico: 33,310,000,000 barrels
#12 Kazakhstan: 26,000,000,000 barrels
#13 Angola: 25,000,000,000 barrels
#14 United States: 22,450,000,000 barrels
#15 China: 18,260,000,000 barrels
#16 Qatar: 16,000,000,000 barrels
#17 Brazil: 15,120,000,000 barrels
#18 Algeria: 12,460,000,000 barrels
#19 Norway: 9,859,000,000 barrels
#20 Oman: 6,100,000,000 barrels

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The cowards never started,
The weak died on the way,
Only the strong arrived.
http://www.youtube.com/watch?v=_yK1i9cLAMM

Then, why Canada is not bringing people like Gulf States to work in Oil fields?

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Bala

Though Canada might be having high oil reserves much of it is very expensive to extract due to either being under the sea or other reasons .

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Fido.

Quote:

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Originally posted by balaq8

Then, why Canada is not bringing people like Gulf States to work in Oil fields?

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Under cover mosque
http://video.google.ca/videoplay?docid=2668560761490749816&ei=ZdwxSc74L4ig-AGZ4YHiDQ&q=undercover+mosque&hl=en" target="_blank">http://video.google.ca/videoplay?docid=2668560761490749816&ei=ZdwxSc74L4ig-AGZ4YHiDQ&q=undercover+mosque&hl=en

Oil reserve in Canada are mostly Oil Sands We call it "Un -Conventional " Oil .It is also known as "Tar Sands " or "Synthetic Oil". While Saudi , Iran, Kuwait etc. has got Coventional Oil, which is easy to extract.
For Oil Sands , Initial Investment is very heavy & refining cost are also higher. Howeer, as the Crude is hovering around 120 $/BBL mark, most of the Oil Sand project in Alberta has become economical & lot of activity is going on there. But all these projects will take years to complete , while on conventioanl front - production is declining in Canada as proven oil field are maturing.
So, guys if you are thinking Canada will become a "Gulf State" with zero tax rate etc- it is far far away. Nobody kows, what will happen after 15-20 years. Any downword presuure on Crude & all these "Oil Sands " Project will come to a Halt. Of course, all the big Oil Companies are investing heavily in R & D to reduce the cost of Upliftment of "Un-Conventional " Oil.
Hope this explains-Canadian Oil Reserves
Note- Yes, in Fort Mcmurray ( Alberta) lot of people are working on Employement Visa ( Work Permit) in these companies.

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Driller the thriller

Maple & Driller,

Great insight, nice discussion to go.

Honestly, I don't expect Canada to evolve like a tax-free saudi. If at all that happens, you would also slapped with Shariya kind of redneck law to protect the investors interests. Well, emotions aside. Would there be a positive growth in the economy in next 15-20 years (I believe Saudi has another 100 years to go with their oil).

Think of this from US investors / US perspective than a local. I think that would make much more sense.

Quote:

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Originally posted by desi_driller

Oil reserve in Canada are mostly Oil Sands We call it "Un -Conventional " Oil .It is also known as "Tar Sands " or "Synthetic Oil". While Saudi , Iran, Kuwait etc. has got Coventional Oil, which is easy to extract.
For Oil Sands , Initial Investment is very heavy & refining cost are also higher. Howeer, as the Crude is hovering around 120 $/BBL mark, most of the Oil Sand project in Alberta has become economical & lot of activity is going on there. But all these projects will take years to complete , while on conventioanl front - production is declining in Canada as proven oil field are maturing.
So, guys if you are thinking Canada will become a "Gulf State" with zero tax rate etc- it is far far away. Nobody kows, what will happen after 15-20 years. Any downword presuure on Crude & all these "Oil Sands " Project will come to a Halt. Of course, all the big Oil Companies are investing heavily in R & D to reduce the cost of Upliftment of "Un-Conventional " Oil.
Hope this explains-Canadian Oil Reserves
Note- Yes, in Fort Mcmurray ( Alberta) lot of people are working on Employement Visa ( Work Permit) in these companies.

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The cowards never started,
The weak died on the way,
Only the strong arrived.
http://www.youtube.com/watch?v=_yK1i9cLAMM

JRF,
Yes , there will be positive growth in Canada ( for sure). As Canada is sitting on Huge reserve of Oil Shale ( which extends from Montana , USA to up north in Alberta, BC, Saks. in Canada). Also Japnese & Canadian Scientists are working hard to take production from Hydrates in Canadian Arctic . Hydrate are kind of Hydrocarbon gas which is compacted due to pressure & temperature - it liberates to form Hydrocarbon at normal presuure & temperature. So, the future is great for Canada in Oil & Gas.
Also world is entering peak oil phase - brown fiels are maturing , 75% of Oil Reserve are with National Oil Companies in the countries which are not poloitcally stable. Things are looking very rosy for Canada.
Also, with the advancement of "Oil Sands" technology , big majors ( EXXON, Shell... ) has reported more profit from Oil Sands per Barrel of oil in comparision to Conventional Oil.
However, Canadian growth can be slowed a little bit due to Lot of Political decisions are delayed, tough Envoiremental laws etc, lack of experienced Manpower, Not very good Investment climate, High Tax Rate etc.

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Driller the thriller