Released on March 10, 2008
With heavy oil accounting for over half of Saskatchewan's estimated crude oil production last year, our resource and its potential are being promoted at the World Heavy Oil Congress, this week in Edmonton.
The Congress, March 10-12, is expected to attract close to a thousand delegates, including leading heavy oil professionals from as many as 50 countries. Enterprise and Innovation Minister Lyle Stewart speaks Tuesday on sustainable petroleum development as part of a panel involving experts from the Petroleum Technology Research Centre and Nexen Inc.
"The Congress is an important venue for Saskatchewan to promote its great opportunities in heavy oil and oil sands potential, as well as new and innovative heavy oil research projects currently being undertaken in the province," Stewart said.
Saskatchewan produced an estimated 155 million barrels of crude oil in 2007 and set all-time records for both the number of horizontal wells drilled and the sale of petroleum and natural gas rights. There were 901 horizontal wells drilled last year compared to 761 horizontal wells drilled in 2006. Sales of Crown petroleum and gas rights totalled $250.3 million last year, compared to $199.7 million in 1994.
The province's initial heavy oil-in-place is currently estimated at 20 billion barrels. However, less than 10 per cent is commercially recoverable using present technology. The application and implementation of new technology is critical to increasing the amount of heavy oil that can be recovered in Saskatchewan.
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For more information, contact:
Bob Ellis
Energy and Resources
Regina
Phone: 306-787-1691
Email: rellis@ir.gov.sk.ca