Advancement in
refining technologies enabling the crude oil refiners to process and
refine the heaviest and dirtiest of crude has boosted the drilling
activities pertaining to heavy oil and oil sands. Oil sands are the
sandstones saturated with viscous petroleum (bitumen). In addition to
the petroleum sandstones are also enriched with a mixture of sand,
water and clay. Rapid industrialization driving the demand for fossil
fuels especially in the developing nations such as China, India,
Brazil, South Africa and others is the major factor augmenting the
drilling activities pertaining to the oil sands. Bituminous sands or
the oil sands are the unconventional sources of fossil fuel with
majority of production coming out of Canada and Venezuela.
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Segmentation of oil
sands market can be done on the basis of technology used for
extraction and geography. The two major technologies used for the
extraction of oil sands include the Cyclic Steam Stimulation (CSS)
and Steam Assisted Gravity Drainage (SAGD). Cyclic steam stimulation
process is carried out by injecting the high pressure steam into the
oil well for several weeks. Once the oil gets melted due to high
pressure and temperature of steam it is pumped out of the well. Steam
Assisted Gravity Drainage is a two horizontal well process. Steam
Assisted Gravity Drainage is done by injecting the low pressure steam
into the reservoir to separate the sand from oil and gas. Oil
accumulated at the bottom is the pumped to the surface. Other
technologies used for extraction includes Vapor Extraction,
Combustion Overhead Gravity Drainage (COGD), Toe to Heal Air
Injection and Cold Heavy Oil Production with Sands (CHOPS).
Oil sands production
is limited with only Canada, Venezuela, and Democratic republic of
Congo producing in significant levels. North America is the leading
oil sand extraction market. The Alberta oil sands in Canada are one
of the largest oil sands reservoirs in the world. Currently, a large
percentage of oil production is contributed by the oil sands of
Alberta. Venezuela’s heavy oil deposits are mainly concentrated in
the Orinoco Belt of the country. The political turmoil in the
country has negatively affected its heavy oil production and
Venezuela is now facing an intense competition from Canada for the
export of heavy oil to the U.S. Democratic Republic of Congo is
produces only a small amount of heavy oil. The heavy oil production
in the country was commenced by the Italian oil and gas company ENI
in 2008.
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Increasing energy
demands arising as a result of rapid industrialization in emerging
economies such as China, India, Brazil and South Africa are the major
drivers for the oil sands market. Moreover, the advancement in the
refining technology enabling the refiners to process the heaviest of
crude oil has also augmented the drilling activities pertaining to
the extraction of oil sands. Rigorous efforts by the U.S. government
to reduce country’s energy imports (oil sands) coupled with the
shale gas boom within the U.S. has negatively affected the oil sands
market.
Some of the key
players in the global Oil Sands Market include companies such as
Suncor Energy, Inc. Royal Dutch Shell plc, Exxon Mobil Corporation,
Petróleos de Venezuela, S.A. (PDVSA), Eni S.p.A., Canadian Oil Sands
Limited, Alberta Oil Sands Inc. and others.
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