Home > Energy, Oil & Gas, and Utilities > Canada’s Oil Sands Production Reaches 1.9 Million Barrels per Day, But Operating Costs Are High

Canada’s Oil Sands Production Reaches 1.9 Million Barrels per Day, But Operating Costs Are High, Business and Industry Trends Analysis

The oil sands (also referred to as “tar sands”) found in Canada, Venezuela and other locations throughout the world were historically regarded as unrecoverable assets by many members of the energy industry. However, through decades of effort and investment, as well as evolving technologies, the process of turning oil sands into usable crude oil became a viable business.

Canada is the only nation that has built an industry based on its oil sands resources. It is a major exporter of oil to the U.S. Including its oil sands, Canada has 175 billion barrels of recoverable oil reserves, ranking it as one of the world’s leaders.

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