Minister of Energy Ron Liepert believes Canada could have the largest proven oil reserves in the world, within the next decade.
He shared this message at the inaugural Bonnyville and District Oil and Gas Show on June 22.
Liepert also had plenty of compliments for the show and the community. He said there is great promise for the future of the oil and gas sector in northeast Alberta, but challenges still lie ahead.
"I've been to a number of oil and gas shows across the province and this is one of the best," said Liepert, opening his speech. "You should be very proud of your first (oil and gas show). There is no doubt there will be more."
Speaking on the state of the oil and gas industry, he said Alberta has $140 billion in oilsands under construction or to be started by 2012. Much of this is due to new technologies available in the extraction of oil.
"With these new technologies and all that has taken place here," Liepert explained, "I don't think it's a stretch to say that in 10 years we will surpass Saudi Arabia as having the greatest proven reserves of oil on the globe.
"And this region will play a tremendous part in that."
Because Alberta is a province of innovation, he said, noting the introduction of Steam Assisted Gravity Drainage (SAGD) a decade ago, the reserves will become more accessible and productive.
"Within two years," he said, "in situ production will exceed mining production of the oilsands in this province."
At that point Alberta could be producing four million barrels a day, said Liepert.
But he cautioned, "This growth could be hampered if we can't get our product to market."
He explained there will be big decisions in the near future regarding both job creation and environmental issues within oil production and refinement in Canada and the United States.
But he assured those in attendance, "The Government of Alberta will take a strong position on both fronts and we will obtain other proposals that come forward to get our product to market."
Presently, decisions regarding issues such as Enbridge's proposed Northern Gateway Pipeline are not in the hands of Albertans, he added. Instead the decision will lie with the Federal Cabinet. "But it's the resource sector of Western Canada that's fueling the engine of Canada's economy," he explained. "And taken as an entity, the western Canadian market is the 18th largest in the world.
"We need to remind our federally elected representatives that all the regions benefit from these resources and in turn, we need to get access for our product to new and growing markets and we need to be treated fairly when it comes to environmental regulations ... We have the people, we have the technology and we have the entrepreneurial spirit to get things done."
He closed by saying, "We cannot waste this opportunity."
The area's first Oil and Gas Show took place June 22 and 23 at the Centennial Centre.
The show was a huge success, according to Robyn Ducharme, the show's chair.
"We have received so many compliments about the show and the community as well."
Ducharme said there was a steady flow of traffic in and out of the show.
"We've seen a lot of people come through the doors and really show their interest in oil and gas in this town."
Tanya Oliver, executive director of the local chamber of commerce and president of the show committee, said almost 600 people paid $20 to attend the show, allowing for a donation of $11,500 to STARS.
Oliver said exhibitors were generally extremely enthusiastic about the inaugural show and most told her they will gladly return when the second show is held in June, 2013.
"We're thrilled with how things turned out," she said.
