Oil production in Saskatchewan hit a new record in 2012 according to statistics released by the Ministry of the Economy today.
Crude oil production in the province reached 172.9 million barrels in 2012, up more than 7.0 per cent from the previous record of 161.0 million barrels set in 2008.
"In 2012, Saskatchewan's oil industry had an exceptional year," Minister responsible for Energy and Resources Tim McMillan said. "Our economy continues to be one of the strongest in the country, and this record year in oil production proves that we have the resources and business climate the industry is looking for."
On a daily average basis, oil production was 473,600 barrels per day, up from the previous record set in 2008 of 441,200 barrels per day.
The oil and gas industry continues to be one of the largest contributors to the Saskatchewan economy, representing about 20.7 per cent of the province's GDP.
The combined value of oil and gas sales for 2012 was estimated at $12.5 billion. This industry provides more than 34,000 direct and indirect jobs to people in the province.
Saskatchewan is the second largest oil producing province in Canada and has an estimated 1.2 billion barrels of remaining established crude oil reserves.
