The World 's Largest Proven Oil Reserves

2495 Words May 31st, 2016 10 Pages
Introduction
Canada holds the distinction of having World 's 3rd largest proven Oil reserves. The province of Alberta alone contains 98% of all these reserves, discovered in Canada (1). This is why Alberta holds the key position in Canadian economy as Canada is the fourth largest exporter of the oil and it makes up almost one-quarter of Canada 's exports as well as Gross Domestic Product (GDP). Almost 99% of Alberta oil reserves are contained in oil sands and the remaining 1% are present as conventional crude oil. According to an estimation, Oil sands contain up to 168 billion barrels of oil and conventional crude oil makes up to 1.5 billion barrels (1). But, with the passage of time, there has been a shift in the global economy with the adoption of Climate change Summit COP21 in Paris, there are more demands in the preservation of the environment and lowering down the carbon emissions. In the said agreement, European Union proposed 40% reduction in Green House gases (GHGs) and Carbon pricing to be installed in order to make sure that penalty is imposed on polluting the environment and more money is invested in research and development of alternative resources of energy cutting the heavy dependency in the present oil and gas structure (3).
Development and future outlook of Alberta Oil
The development of the discovery of Alberta 's oil reserves dates back to 18th century. Sir Alexander Mackenzie writes about 'Bituminous fountains ' that 'bitumen was present in fluid state…

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