Alberta`s oil sands are the 3rd largest in the world, compared to Saudi Arabia and Venezuela. The provincial government in Alberta and the federal government in Ottawa strive to make the province and its oil reserves a leading energy supplier. Production is set to increase from 1.31 million barrels a day to 3 million barrels per day in 2018.
If you are not aware of oil sands, they are oil reserves that are supposed to play a significant role in the Canadian and global economy, providing stable and reliable energy. Oil sands have a natural mixture of sand, clay and other minerals, including bitumen, which is heavy oil that requires treatment. With all this oil, gas prices are still up. You may want to check with the following 10 companies if you want someone to blame.
1. BP Canada Energy Company
Although its headquarters are in Calgary, the company retains offices in 3 provinces and the Northwest Territories. The company is significant because it is a major purchaser of crude oil from US refineries and is ranked amongst the top Canadian marketers and traders of natural gas.
BP Canada branches are part of a conglomerate with offices in 80 countries. The company produces approx. of 3.8 million barrels of oil. The company is equally listed as one of 6 supermajors in the oil and gas industries.
This is one of the world`s largest companies in terms of the production of synthetic crude oil from oil sands. It has a nameplate capacity of 350,000 barrels a day. The company is not traded directly as it is a joint venture between seven partners.
3. Canadian National Resources Ltd.
This is one of the most independent and not just largest crude oil and natural gas producers in the world. It is also the second largest natural gas producers in Canada. With operations mostly in Western Canada, North Sea and offshore West Africa, the company ranks 251 on Forbes’ Global 2000 list of 2009. Way to go Canada!
4. Imperial Oil
This is one of the largest corporations in Canada in terms of its production of crude oil and natural gas. It has also been a part of the petroleum industry for over a century. Their products are being sold coast to coast around Canada to 1,850 Esso gas stations. The company was recently bought out by Exxon Mobile, which owns 69.6% of the company and its stock.
5. Suncor Energy Inc.
This is another Canadian energy company based in Calgary, Alberta. It is ranked 159 in the Forbes Global 2000 List. The company has been in existence since 1919 and was founded in Montreal by Sun Company of Canada, subsidiary of Sun Oil. Sun merged its interests in 1970s to form Suncor in order to access Canada`s Athabasca oil sands. The company is no longer government-owned and is publicly traded on TSX and NYSE.
6. Cenovus Energy Inc.
Cenovus is a Canadian oil company with more than 3, 500 employees. It is committed to bringing new ideas and new approaches safely and responsibly. Moreover, it is committed to upholding its end of the bargain by operating a low-cost business. It has large interests in the oil sands production in Foster Creek and Christina Lake in north Alberta. It has joined ConocoPhillips to provide integrated oil sands and refining operations.
7. Devon Canada Corp.
Devon is one of the largest crude and natural gas companies in the world. It was the only energy company to be placed on Fortune magazine’s prestigious 3 lists: including Fortune 500, The World’s Most Admired and among the World’s Greatest to Place Work.
8. Nexen Inc.
Nexen Inc. is an independent, Canadian global energy company. It mainly focuses on three areas of growth: oil sands and shale gas in Western Canada and conventional exploration and development in the North Sea, offshore West Africa and in the deepwater Gulf of Mexico. The company has been in existence since 1969 and was owned by an American company, Occidental Petroleum. For the first decades it was Canadian, but became international beginning in 1980s. It only became interested in the Athabasca Oil Sands after purchasing 7.23% ownership of Synacrude.
9. Shell Canada Energy
This is another global conglomerate with offices around the world, including Canada, USA and Europe. It aims to produce profitable growth and to drive forward with its investments. With operations in over 90 countries, it produces more than 3.1 million barrels of oil equivalent per day. It also has a market capitalization of 149.2 million pounds (U.K.)
10. Total E&P Canada Ltd.
This is a Calgary based company, owned by the 4th largest publicly traded integrated energy company, Total SA. The company`s goal is to build a strong, sustainable position in the Athabasca region with expansion and joint ventures. They believe that Canadian oil sands are important for the global energy supply.