NEW YORK, NY -- (Marketwire) -- 07/13/11 -- High crude prices along with surging global demand for oil continue to benefit Canadian oil sands companies. Government officials argue that the Alberta oil sands are so large that they will be able to serve the world's largest economies as production expands in the near future. The Bedford Report examines the outlook for companies in the Oil and Gas Sector and provides stock research on Oilsands Quest, Inc. (NYSE Amex: BQI) and Canadian Natural Resources Limited (NYSE: CNQ) (TSX: CNQ). Access to the full company reports can be found at:
With Alberta's oil sands capable of producing an estimated 171.3 billion barrels of oil, there is significant potential in this energy source which could help meet the future demand internationally. According to the Canadian Association of Petroleum Producers, only 22 percent of the total world reserves are accessible to private sector investment, 52 percent of which is in Alberta's oil sands.
Currently, Canada's only major oil export market is the US. However, China's Sinopec has already invested $5.5 billion in Enbridge Inc.'s Northern Gateway Pipeline, which will transfer oil from Alberta to British Columbia.
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Oilsands Quest engages in the acquisition, exploration, and development of natural resource properties in Canada. It holds interests in the oil sands deposits in the provinces of Saskatchewan and Alberta. Shares of the company have struggled of late after the company said it may not be able to continue operating beyond January 2012 if it fails to find a financial partner to develop a $1 billion oil sands project in Canada.
Canadian Natural Resources operates the Horizon oil sands project in Alberta. The company estimates that the properties hold 14.3 billion barrels of bitumen initially in place.
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