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| − | The Athabasca oil sands surrounding Fort McMurray have estimated unconventional oil reserves approximately equal to the conventional oil reserves of the rest of the world, estimated to be 1.6 trillion barrels (254 km<sup>3</sup>). Many companies employ both conventional surface mining|strip mining and non-conventional in situ methods to extract the bitumen from the oil sands. As of late 2006 there were over $100 billion in oil sands projects under construction or in the planning stages in northeastern Alberta.<ref name="Canada's Oil and Gas Industry">{{cite web|url=http://www.buyusa.gov/montana/canadaoilsands.html|title=Canada Oilsands Opportunities|publisher=U.S. Commercial Service|accessdate=August 9, 2009}}{{Dead link|date=November 2011}}</ref> | + | The Athabasca oil sands surrounding Fort McMurray have estimated unconventional oil reserves approximately equal to the conventional oil reserves of the rest of the world, estimated to be 1.6 trillion barrels (254 km<sup>3</sup>). Many companies employ both conventional surface mining|strip mining and non-conventional in situ methods to extract the bitumen from the oil sands. As of late 2006 there were over $100 billion in oil sands projects under construction or in the planning stages in northeastern Alberta.<ref name="Canada's Oil and Gas Industry">{{cite web|url=http://www.buyusa.gov/montana/canadaoilsands.html|title=Canada Oilsands Opportunities|publisher=U.S. Commercial Service|accessdate=August 9, 2009}}{{Dead link|date=November 2011}}</ref> Another factor determining the viability of oil extraction from the oil sands is the price of oil. The oil price increases since 2003 have made it profitable to extract this oil, which in the past would give little profit or even a loss. By mid-2014 however rising costs and stabilizing oil prices were threatening the economic viability of some projects. An example of this was the shelving of the Joslyn north project in the Athabasca region in May 2014.<ref name="TotalJoslyn">{{cite news|title=Cost escalation leads Total to put Joslyn oil sands project on hold|url=http://www.edmontonjournal.com/business/layoff+talk+swirls+Total+update+Joslyn+oilsands+status/9888984/story.html|accessdate=14 June 2014|publisher=[[Edmonton Journal]]}}</ref> |
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| − | Another factor determining the viability of oil extraction from the oil sands is the price of oil. The oil price increases since 2003 have made it profitable to extract this oil, which in the past would give little profit or even a loss. By mid-2014 however rising costs and stabilizing oil prices were threatening the economic viability of some projects. An example of this was the shelving of the Joslyn north project in the Athabasca region in May 2014.<ref name="TotalJoslyn">{{cite news|title=Cost escalation leads Total to put Joslyn oil sands project on hold|url=http://www.edmontonjournal.com/business/layoff+talk+swirls+Total+update+Joslyn+oilsands+status/9888984/story.html|accessdate=14 June 2014|publisher=[[Edmonton Journal]]}}</ref> | ||
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Alberta is a western province of Canada. With a population of 3,645,257 in 2011 and an estimated population of 4,145,992 as of October 1, 2014,[1] it is Canada's fourth-most populous province and most populous of Canada's three prairie provinces. Alberta and its neighbour, Saskatchewan, were established as provinces on September 1, 1905.[2] The current premier of the province is Rachel Notley. Alberta is bounded by the provinces of British Columbia to the west and Saskatchewan to the east, the Northwest Territories to the north, and the U.S. state of Montana to the south. Alberta is one of three Canadian provinces and territories to border only a single U.S. state and is also one of only two provinces that are landlocked.dmonton, the capital city of Alberta, is located near the geographic center of the province and is the primary supply and service hub for Canada's crude oil, oil sands (Athabasca oil sands) and other northern resource industries. Approximately 290 km (180 mi) south of the capital is Calgary, Alberta's largest city. Calgary and Edmonton center Alberta's two census metropolitan areas, both of which have populations exceeding one million.
Alberta is the largest producer of conventional crude oil, synthetic crude, natural gas and gas products in Canada. Alberta is the world’s second largest exporter of natural gas and the fourth largest producer.[3] Two of the largest producers of petrochemicals in North America are located in central and north-central Alberta. In both Red Deer and Edmonton, polyethylene and vinyl manufacturers produce products that are shipped all over the world. Edmonton's oil refineries provide the raw materials for a large petrochemical industry to the east of Edmonton.
The Athabasca oil sands surrounding Fort McMurray have estimated unconventional oil reserves approximately equal to the conventional oil reserves of the rest of the world, estimated to be 1.6 trillion barrels (254 km3). Many companies employ both conventional surface mining|strip mining and non-conventional in situ methods to extract the bitumen from the oil sands. As of late 2006 there were over $100 billion in oil sands projects under construction or in the planning stages in northeastern Alberta.[4] Another factor determining the viability of oil extraction from the oil sands is the price of oil. The oil price increases since 2003 have made it profitable to extract this oil, which in the past would give little profit or even a loss. By mid-2014 however rising costs and stabilizing oil prices were threatening the economic viability of some projects. An example of this was the shelving of the Joslyn north project in the Athabasca region in May 2014.[5]
Main Article: Alberta Energy Regulator
The Alberta Energy Regulator (AER) is the regulatory organization established under the 2012 Responsible Energy Development Act. Under the Act the AER is charged with “the safe, efficient, orderly, and environmentally responsible development of hydrocarbon resources over their entire life cycle”[6] within the province of Alberta. The AER was created to centralize and simplify the regulatory structure around oil and gas development, consolidating enforcement of the energy development aspects of the Water Act, the Public Lands Act, The Mines and Minerals Act and the Environmental Protection Enhancement Act.[7] The current Chair of the Board of Directors is Gerry Protti, and the AER's CEO is Jim Ellis.
The AER is responsible for regulating some of the world’s largest reserves of hydrocarbons as well as the infrastructure associated with these resources, including pipelines, wells and processing facilities. In order to ensure the development of these resources is carried out safely and in accordance with existing regulations, the AER is empowered to review proposed energy developments; inspect and oversee energy projects at all stages of their life cycle; correct and penalize non-compliance; and hold public hearings on proposed oil and gas projects. [8]