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OIL SANDS SUMMARY
Oil Sands Overview
Roughly 159 billion barrels (+95%) of Canada’s total proved oil reserves are in the oil sands(1), more than every country in the world’s total proved oil reserves, except Venezuela, Saudi Arabia, and Iran.
Oil sands are extracted via surface mining or in-situ with the use of steam (i.e., SAGD, CSS). Combined, these two extraction methods accounted for over 3.5 MMB/d of Canada’s total oil production in 2024, close to 60%.
Fiscal Impact of the Oil Sands
In the fiscal year 2024-25, oil sands royalties of $17 billion were the largest single source of revenue for the Government of Alberta and more than 4× larger than combined conventional oil and natural gas royalties of $3 billion and $1 billion, respectively.
For context, in the fiscal year 2024-25, oil sands royalty revenue was greater than each of personal and corporate income tax of $16 billion and $8 billion, respectively, corresponding to over 20% of the Government of Alberta’s total revenue. Oil sands royalty revenue was equivalent to 67% of the province’s $26 billion healthcare operating expense budget in the fiscal year 2024-25.
Alberta’s bitumen royalty revenue is poised to increase in the years ahead as 38 projects transition from pre-payout to postpayout status, meaning they are subject to higher royalty rates.
Higher royalty revenue allows for increased spending on public services such as healthcare, education, and social programs.
See the Full Oil Sands Overview Here – Presented by CAPP
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