Does Canada really have the largest oil reserves in the world?

Somebody told me that there is a lot of ';oil sand'; in the world. Supposedly you can get oil from that. Those are the largest reserves in the world somebody told me recently. It's supposedly in the province of Alberta. So my question is, if that is really true, then why don't I really hear anyone talking about it?Does Canada really have the largest oil reserves in the world?
It is true. If there is not more oil than in Saudi Arabia now there will be in a few years.





If you live in Alberta you here about it all the time. They are extracting it as fast as they can but the stuff reqires huge processing plants to make oil. And lots of natural gas to make steam to extract it. They are talking about building a nuclear reactor up there to make steam but I don't think it will get off the ground.Does Canada really have the largest oil reserves in the world?
It's true, read all about it, folks.








September 13, 2008











Crude Oil





The Investment U e-Letter: Issue #799


Friday, May 23, 2008





Crude Oil: Mega Profits from the Oil Reserve 8 Times Bigger Than Saudi Arabia's


By Alexander Green, Chairman, Investment U


Investment Director, The Oxford Club





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No, it's Saudi Arabia and the Persian gulf countries who have most of the oil reserves of the world.
The question of where the largest oil reserves are is a very good question. There are also some very large reserves in Bass Strait amidst a controversial history of exploration lease confiscation due to insufficient development.





At the end of the day, any restriction to oil supply is good for oil stocks and oil profits. However, we trade in a free market economy and reserves that are even slightly more expensive to develop than the mean will not allow those adventurous enough to pursue them to survive beyond the boom and bust cycle of the petroleum industry.





The separation of loose sand from oil requires energy and energy costs additional money. Oil reserves sitting beneath a veritable minefield of high pressure shallow gas pockets that are prone to kick before casing depth is reached are also very expensive to develop owing to the cost of specialist contractors. Hydrocarbons in fine grade sediments such as siltstones with low permeability can be very expensive to prospect and develop. Even gas flows in a highly porous sediment can be limited by low permeability, and if flowing gas is dislodging sufficient amounts of matrix, this can begin to build up in narrower pore channels causing blockages and progressively reducing flow - in some cases until no more gas can be coaxed out of the well.





In the oil patch, there is a lot of talk about the more adventurous drilling projects, and if you can score a job on one there is alot you can learn first-hand. Outside the industry there may not be so much talk because it's too complex and scientific and engineering journals tend to be hard reading.





I hope this helps...