Energy and Resources Minister Bill Boyd will be profiling the successes of Saskatchewan's dynamic oil and gas industry this week at one of the premier business and technical events on the planet for heavy oil.
The World Heavy Oil Congress, currently underway in Edmonton, has attracted more than 800 delegates from 30 countries. Boyd is one of the keynote speakers at the congress and will address participants at its Thursday luncheon.
"My presentation on heavy oil is titled 'Real Growth, Real Opportunity and Real Rewards' and that certainly describes what awaits investors in the industry here," Boyd said. "Our light crude oil plays and our massive heavy oil resources offer plenty of opportunities for entrepreneurs, and our positive business climate provides the perfect backdrop for those opportunities to be realized."
More than half of Saskatchewan's conventional crude oil production comes from heavy oil. The province's initial heavy oil in place is estimated at over 20 billion barrels, but only a small percentage of that is currently commercially recoverable using present technology.
"Our companies and researchers have been doing ground-breaking work in enhanced oil recovery, and the new and evolving technologies we are pioneering here will ensure we capture as much of our rich heavy oil resource as possible," Boyd said.
The Ministry of Energy and Resources and Enterprise Saskatchewan are major sponsors of the World Heavy Oil Congress, which is held in different countries every 18 months. Saskatchewan's delegation is holding various business meetings during the event as well as participating in the congress's trade show.
The province's oil and gas industry had approximately $10.5 billion in sales in 2010 and invested $3.3 billion in exploration and development activity. The oil and gas industry provides direct and indirect employment for more than 29,000 people.
