Nowadays when large oil companies admit the reduction of new oilfields and begin intensive oil extraction in shelf waters, where the complexity of extraction is much higher with a respective rise in the prime cost of oil products, oil-bearing sands have suddenly become quite attractive. At the very least in case of unconventional oil extraction the oil prospecting will still bring some results. When such a deposit is ready for work it can provide continuous oil flow for over 30 years. As a rule, there is no such predictability at ordinary deposits.
Oil-sands is an active participant in this field. For years we have been raising investments and developing prospective oil sands, simultaneously increasing export volumes of oil products.
Despite aggressive critics within certain circles of society, the government of Alberta Province and the Government of Canada place their stakes on the development of oil extraction from oil-bearing sands. The reason of such a course is that China and South Korea as well as the USA take a great interest in Canadian oil.
Alberta (Canada) has colossal oil reserves. According to the latest calculations the oil reserves in bituminous sands of this province make up to 2.0 trillion barrels. Unfortunately, the global oil reserves amount to one trillion barrels only. That is why so much hope is laid on the oil reserves of Alberta. Before 2020 it is planned to triple the oil extraction in this area and make the extraction five times higher before 2030.
A bit of background
The first attempts to extract oil from sands were taken about a hundred years ago. These were small borrows with expedient extraction and primitive technologies. Oil extraction from oil sands was economically unviable and meaningless in such conditions.
Everything changed drastically with the appearance of new technologies and intensive development of alternative energy sources. Classical oil extraction is becoming more and more expensive and, in some way, unprofitable.