The scorching pace of economic growth in Alberta includes C$107 billion worth of major projects recently completed, under construction or due to start within two years, the provincial government reported.
And, to no one’s surprise, the oil sands sector has 49 ventures in the pipeline, carrying a combined price tag of more than C69 billion.
Alberta Economic Development said 12 oil sands projects are in the construction phase, with four of them in the C$1 billion-plus category.
Of the province’s six regions, Cold Lake-Wood Buffalo, center of the oil sands boom in the northeast corner, lays claim to work valued at C$64 billion, followed by the Edmonton-Calgary corridor at C$25 billion.
The largest scheme under construction is a C$7.8 billion expansion of Syncrude Canada, the world’s largest source of synthetic crude.
Marcel Coutu, president of Canadian Oil Sands Trust, Syncrude’s largest partner, said the Stage 3 phase should be completed on schedule by mid-2006 and within budget. When it comes on stream, the expansion will raise output to 350,000 barrels per day from its current 225,000 bpd and keep the consortium on track to meet its goal of more than 500,000 bpd within a decade.
—Gary Park
