The oil industry in Alberta has played an essential role in the oil industry of Canada because of its conventional oil deposits and the oil sands in the Athabasca region in the Regional Municipality of Wood Buffalo, or RMWB.
Oil sands contribute substantially to the oil production of Alberta and Canada as a whole.
This is because its deposits of the bitumen is one of the largest in the world and can only be overshadowed by that of Saudi Arabia.
The projected growth
In 2005, the oil industry in Alberta had given jobs to about 58,000 people. At that time it was predicted to increase by an average of 3.3 percent every year in terms of employment until 2010.
While the conventional or crude oil industry is predicted to decline further, the oil sands industry is expected to continue to grow as new technologies are made available for the more efficient extraction of oil from these deposits.
This particular industry has a long way to go because only about two percent of the deposits have been extracted.
The production rate of the oil sands industry in this province of Canada is projected to reach approximately three million barrels of oil every day in 2020 and five million barrels every day by the year 2030.
Further growth is expected in the years to come as the Department of Energy of Alberta launches several initiatives.
One these initiatives is the royalty-in-kind strategy where the government will take its share in the form of bitumen from the oil sands industry in the same manner that it does for the crude oil industry.
Another important initiative is the province’s long-term strategy for the economical use of energy and the protection of the environment while producing these petroleum products. Another initiative is to collect the carbon dioxide emissions of industries and the possible use of this gas for oil recovery.