![]() Economics Reserves and productionĪlberta's oil sands has the fourth-largest oil reserves in the world, after Venezuela, Saudi Arabia and Iran.Īlberta's oil sands’ proven reserves are equal to about 160.1 billion barrels (bbl).Ĭrude bitumen production (mined and in-situ) totaled about 3.3 million barrels per day (bpd) in 2021. Where applicable, external sources have been noted and linked. Unless otherwise stated, sources are from the Government of Alberta. Oil sands sustainability indicators highlight trends across economic, environmental and social topics in Alberta’s oil sands areas. Oil sands facts, statistics and indicators are subject to change as new information becomes available. It creates jobs and tax revenue for government which support the social programs and capital infrastructure projects we rely on. “The implementation will determine if Petro’s policy generates greater fear in the region about the energy transition,” Navas says, “or pushes people towards it.The responsible development of oil sands is a key driver of Alberta’s and Canada’s economy. Petro’s performance will weigh heavily on leaders in other oil producing nations like Brazil. In the coming months and years, Petro will need to match his lofty rhetoric with a concrete plan for expanding low-carbon industries to replace fossil energy and revenues, in towns like Barrancabermeja and nationally. None of this is to say that fears for Colombia’s economy are unfounded. “We hope that your energy transition proposal will open job opportunities for the industry that has historically sustained Barrancabermeja and the country’s economy.” As he congratulated the president-elect, the town’s mayor expressed hope that the area would not lose its “energy capital” status. In Barrancabermeja, a northern oil town with a strong leftist tradition, residents appear to have trusted that Petro’s plans won’t leave them jobless, voting overwhelmingly for him. Together, those sources could allow Colombia to export clean energy, rather than oil, in the future. The country already produces almost 70% of its electricity from hydropower, and its varied climates give it above-average potential for both wind and solar, in addition to green hydrogen production. It also helps that Petro could point to renewables as a major opportunity for Colombia. After his victory, Petro urged fellow progressives in Latin America “to stop thinking that a future of social justice and wealth redistribution could be built on a foundation of high oil, coal, and gas prices.” Rather, the oil phase-out is part of a comprehensive “vision for change” in Colombia, which appealed to working class people who have been excluded from Colombia’s previous economic development, Navas says. Given that global context, how did Petro manage to get a majority of Colombians to back his anti-oil platform? According to Claudia Navas, a Bogotá-based analyst for consultancy Control Risks, Petro didn’t present his oil plan as a stand-alone climate policy, and, on its own, it probably wasn’t a decisive factor for most voters. He has pledged to invest in new domestic oil refinery infrastructure as a way to shield Brazilians from global price shocks. And today, Europe depends on Russia for energy,” Brazil’s Lula told me. “Angela Merkel decided to close all nuclear power plants. tensions over natural gas since the outbreak of the Ukraine war. ![]() ![]() And leaders don’t want to be accused of risking their countries’ energy security-a fear heightened by Russia-E.U. No one wants to be the first to give up their oil earnings: of the tiny handful of countries that have put a moratorium on oil exploration in recent years, Belize is the only one where oil contributed more than 1% of GDP. ![]()
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