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The Canadian Oil and Gas so Far.

The Canadian Oil and Gas so Far.

The oil and gas sector is one of Canada’s most lucrative sources of energy. Presently, Canada prides itself in about 171 billion barrels of oil reserves, out of which the greater percentage -64% is in oil sands reserves.

However, just as the whole world is recovering from the unexpected hit of the covid-19, the oil and gas sector has its share of challenges and learning to deal with them. The Canadian fossil oil industry is managing these changes by promoting foreign direct investment in this sector. Saskatchewan, for example, has long relied on oil and gas and is not scared to overcome the challenges, especially with the innovative technology and processes being developed daily.

As it stands, Canada is only behind nations like Venezuela and Saudi Arabia with its present reserve power. This puts Canada at the forefront of oil, gas, and fuel supply in the current world.

Despite producing for export, Canada has enough to meet its domestic consumption for at least 300 more years. It is envisaged that 30% of the national energy is presently met at home. Gas deposits are found all across Canada, in virtually every province from Nova Scotia to Newfoundland, Quebec, Alberta, Yukon, and British Columbia.

Conclusively, the Canadian oil and gas industry will be a key fighter of the economic recovery in the post-Covid-19 era. The industry will achieve this if it receives support from private and public sectors directly related to energy production. It should also be able to attain a lower-carbon future as time goes on.

Sources:

https://www.mondaq.com/canada/oil-gas-electricity/1025744/what39s-next-for-canadian-oil-and-gas-in-2021

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