Albany, NY -- (ReleaseWire) -- 07/07/2014 -- Oil sands, technically termed as bituminous sands come under a form of petroleum deposit. They are loose or consolidated sandstone having naturally occurring mixture of sand, water and clay which is saturated with viscous and extremely dense form of petroleum called bitumen. Due to higher oil prices the oil sands and heavy oil market has seen a growth.
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Some of the key factors driving the growth of this market are employment growth rate, demand for oil and increasing oil production globally. The extraction of oil sands and obtaining crude oil requires refining; this process is expensive and reduces the margin for profits in oil production compared to mining of crude oil. But, due to rising oil prices this process has been able to make profits. Transportation is the biggest hurdle affecting the market of oil sands. For transporting bitumen to refineries, bitumen must be blended with a condensate, to meet pipeline qualifications for viscosity and density. Also there is lack of skilled labours to work on these projects.
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The technique involved in the recovery of bitumen from oil sands includes conventional surface mining and also steam injection technology. Steam injection and refining is required for making of liquid fuels from oil sands. The bitumen obtained is then upgraded to refinery ready oil products and diesel. The market segmentation of oil sands is into various fields like oil sands steam assisted gravity drainage, natural gas transmission and production and chemical production.
Countries such as Venezuela and Canada are among one of the largest proven reserves for the oil sands. Major players in the oil sands are Suncor, Deloitte and Shell these companies have developed remediation technologies for the waste, called as ‘tailings’ which is created by extraction of oil sands.
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