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About
Our company Oil Sands Ltd works in oil extraction.
Oil sands are found in various countries throughout the world, but in vast quantities in Alberta and Venezuela. Alberta’s oil sand reserves are estimated at 1.7 to 2.5 trillion barrels of oil trapped in the complex oil sand mixture, and this represents the largest single reserve of oil in the world. About 15% of this is currently recoverable, which amounts to about 75% of the petroleum reserves in North America. Only recently (with dramatic changes in the way the world views oil reserves) these oil sands have come to be included in the tally of global petroleum reserves. As of 2003, Canada now maintains the second largest proved oil reserve in the world (next to Saudi Arabia).
Canada is the largest supplier of crude oil and refined products to the United States and constitutes near 18% of US imports (as of 2007), or about 1.8 million barrels per day. Canada’s bulk production capacity from oil sands is about 1 million barrels per day, and the bulk of this is exported to the U.S.
