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Oil & Gas
World instability and supply shortages have increased prices.- Increased trend in global consumption.
- Refinery shortage.
- Punitive royalty structure, now abolished, resulted in significant
- under-investment in Saskatchewan’s energy sector.
Sources: Saskatchewan Industry and Resources, CIBCWorld Markets
Current Facts on Oil and Gas:
- In Canada, Saskatchewan’s oil production is second only to Alberta.
- The Province produces approximately 20% of total Canadian oil.
- US Geological Survey reported that the Bakken oil formation has up to 4.3 billion barrels of recoverable oil.
- Approximately 1/4 of the Bakken formation is in southern Saskatchewan and holds up to 1.3 billion barrels.
- Changes in Alberta royalty structure are spurring rapid development of Saskatchewan oil and gas potential.
- Approximately 60% of Saskatchewan’s production is currently exported to the US.
Saskatchewan may soon overtake Alberta as the country’s largest conventional oil producer.
Honourable Bill Boyd, Minister of Energy and Resources
Source: Bakken stats from Petrobank. Sk industry oil & gas.
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