Alberta is the oil capital of Canada. Its proven oil reserves are around 170 billion barrels, which works out as roughly 13 percent of total global oil reserves.
The majority of these reserves are in oil sands in the northeast of Alberta, making the oil there difficult to get to, extract, process and transport. According to the Government of Alberta, its oil sands produce around 1.9 million barrels of oil every day, with 55 percent of Canada's crude production coming from oil sands.
Just how important are the oil sands to the Canadian economy, and should investors be looking to companies that specialise in the region? "It's certainly the big powerful growth industry in Canada for the near future and has been for a long time," Jack Plunkett, CEO of Plunkett Research, Ltd., told CNBC's Energy Future.
"The global demand for oil is going to continue to be very strong, I think Canada is well positioned to continue that boom," Plunkett added.
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