|Date Published||September 10, 2012|
|Article Author||Brad Wall|
|Article Type||September 2012 Issue|
There’s a new spirit of confidence infusing Saskatchewan these days. In a few short years, our province has become an economic leader in the nation. More people are living and working in Saskatchewan than ever before, and capital investment is at record levels. A new “can do” attitude is in play, as our citizens and investors from far and wide work to realize the real growth and real opportunity that our province affords.
Our province is in its enviable spot in large part because of our people and abundant resource base. Nations around the world are looking for energy security and food security, and Saskatchewan is well positioned to deliver on both.
Consider the facts. Saskatchewan accounts for roughly a quarter of Canadaâ€™s primary energy production, including, coal, oil, natural gas, hydro, uranium, wind and biofuels. We are the world’s largest producer of potash, with almost half of the world’s reserves.
We are the world’s second leading producer of uranium, and our Athabasca Basin contains the world’s largest, high-grade uranium deposits. And we have half the arable farmland in Canada.
Of course, Oilfield PULSE is a publication devoted to the oil industry, and Saskatchewan is very much oil country. We are the nation’s second largest crude oil producer and the sixth largest oil producer among all American states and Canadian provinces. And we are Canada’s third largest natural gas producer.
We have over 40 billion barrels of conventional oil in place with exciting opportunities in heavy oil as well as the Bakken Formation and other tight oil plays. We also have oil sands potential.
The Bakken is not our province’s only “hot” oil play, but it garners a lot of attention and for good reason. We are now producing nearly 69,000 barrels per day out of roughly 2,100 wells in Saskatchewanâ€™s portion of the Bakken. Thanks to the application of new technology, our production has jumped from about 230,000 barrels in 1993 to over 22 million barrels in 2011.
The oil and gas industry is a significant contributor to the province’s bottom line. Our annual oil and gas sales totalled almost $13 billion in 2011 with approximately $1.7 billion paid to the province in oil and gas royalties and bonus bids.
Our government is working hard to keep our oil industry and our other key industries growing. We offer stable and competitive royalty and tax regimes. We apply high standards for environmental protection, sustainability and safety. We have a skilled and motivated work force. And we are on the leading edge of new industry research in areas such as enhanced oil recovery and carbon dioxide capture and storage.
Saskatchewan is a great place to live, raise a family, work, do business and to invest. From canola to potash to oil, we have the resources the world needs and we offer a clear advantage – the Saskatchewan Advantage – to those who choose to build their futures with us.