The global oil demand
is expected to increase to about 40 billion barrel of oil (Gbo) per year by
2020 as a result of an increasing population and industrialization. Thisindicated 60% increase from the present global demand will assert pressure on
the conventional oil supply with current proven global reserves of 1,238
billion barrels.
Out of a range of alternative resources, only heavy oils and
oil sands which are unconventional hydrocarbon resources are sizable enough to
supplement and possibly substitute for the shortage in the conventional oil.
Consequently, the increasing difficulty in exploration of the depleting
conventional reservoirs leading to more expensive production cost will favour
the shift to the unconventional resources. Roughly 75% of the world’s heavy oil
reserves can be found in the Orionoco Belt in Venezuela, and in Northern
Alberta and Saskatchewan provinces of Canada. Read more>>>>>>>>>>>
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