Asian Oil Companies Looking To Capitalize On the Opportunity in the Canadian Oil Sands Industry
The decline in oil reserves worldwide is challenging oil and gas companies to seek new fields in order to maintain their current oil production levels. The rate of discovery of new oil deposits is lower than the depletion rate of the existing reserves. Hence, oil and gas companies are investing in both unconventional oil reserves and exploring new fields in order to maintain their current oil production levels. However the current financial crisis and the collapse of oil prices have put a temporary brake on oil and gas industry investments. The impact on the environment is another factor against the oil sands industry. Consequently, the US (United States), which is among the major importers of oil from Canada, is trying to reduce its use of oil from oil sands. This has led the Canadian government to scout for investments from other regions. In this scenario, the Asian oil companies have a huge opportunity to expand their presence in the oil sands industry. Further, this could be the start of a shift in the control of petroleum resources, specifically of oil sands, from the western companies to Asian companies.
- The study discusses the opportunities in the Canadian Oil Sands industry in context with oil companies in China, India and other Asian countries.
- It discusses the Canadian Oil Sands industry, presenting statistics on the reserves and production during 2002-2015.
- It also briefs about Alberta’s investment friendly royalty regime, overlooking the past investments.
- Challenges and restraints which could impact the oil industry are also discussed in the study.
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