Investments in the oil sands plunged almost 40 per cent during the 2008-09 freeze, but are slated to return with a vengeance. There has been a decade of growth in oil sands; forecast expects spending to peak at 20% above the most recent boom. Investment in Alberta's oil sands is set to reach $180 billion over the next decade, peaking at 20 per cent more than spent at the height of the last boom. BMO Capital forecasts $20 billion worth of oil sands investment this year and a peak of $29.9 billion by 2015.
Strong and sustained oil prices in the $75-to $90-US-per-barrel range and increased interest from deep-pocketed foreign investors such as state-owned PetroChina and France's Total are leading the charge in renewed interest in the resources. Service and pipeline companies also have benefited from the rising activity in the oil sands, welcoming the influx of cash while at the same time anticipating increased competition for workers. The oil sands services-and-maintenance area is gearing up for another big push in late 2011 or early 2012.
The Ministry of Economic Development and Trade will continue to support long-term partnerships for Ontario manufacturers and suppliers across the range of Canada’s energy supply chains.
We invite you to join our Ontario delegation to participate in the NBSF 2011 Program with the theme “Creating Green Opportunities Through Innovative Partnerships” starting March 29th through March 31st in Edmonton. The complete program is available on the website and the event brochure can be viewed at http://www.ontariocanada.com/ontcan/1medt/econdev/ed_downloads/oilsands_NBSF2011_%20brochure.pdf
There is also the opportunity for 120 registered delegates to participate as well in a tour of the Fort McMurray area and Suncor’s Oil Sands facility. More information will be provided shortly.
Registration can be completed using the event website: www.nationalbuyersellerforum.ca/register/index.html;
Should you require additional information, please contact Rick Grandin at 416-325-6864 or by e-mail at richard.grandin@ontario.ca
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