Energy resource development is active in 12 of Canada's 13 provinces and territories and uses goods and services from many regions.
Canadian energy production has almost doubled since 1980. Our oil reserves total 171 billion barrels, of which 166 billion barrels can be recovered from the oil sands using today's technology. As of December 2015, we are third after Venezuela and Saudi Arabia in terms of global oil reserves (source: Oil & Gas Journal).
However, many of the world's sources of conventional oil are in decline - and Canada is no exception. The conventional oil reservoirs that were abundant and easy to find 30 years ago are harder to locate and more costly to develop. Canada is fortunate to have sources of unconventional oil in the oil sands. In the last 30 years, Canadian crude oil production has increased by over 2 million barrels/day due to the growth in supply from the oil sands.
As an industry, our challenge is getting access to these remaining reserves. Often natural gas exists in remote locations which can mean harsh environments for workers, technically complex and expensive methods of production, and environmental challenges.
The world benefits from Canada's energy resources
Canada has more than four billion barrels of remaining oil reserves located outside the oil sands, found primarily in Alberta, Saskatchewan and offshore Newfoundland and Labrador.
The oil sands provide a secure supply in a world of political risk. There are challenges in developing the oil sands, but our industry is making progress through investment in technology and innovation. The entry costs for new oil sands projects can be daunting, but the decline in traditional oil and natural gas sources means the oil sands are key to our energy future.
Canada is home to a vast amounts of natural gas, particularly in British Columbia, Alberta and offshore Nova Scotia.
Some of these resources are being developed with the application of new technologies: including horizontal hydraulic fracturing. These include: natural gas from coal, tight gas, offshore gas as well as shale gas. As well Northern Canada is seeing increasing exploration and development.