Token - Great Canadian Oil Sands

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Great Canadian Oil Sands Limited:

Great Canadian Oil Sands Limited was a Canadian heavy oil company that existed between 1953 and 1979. In 1962, GCOS received a permit from the Alberta government to build a 31,500 barrels-per-day synthetic crude plant in the Athabasca oil sands. The following year, Sun Oil acquired an 83 percent stake in the company and in 1964 construction of the plant began. When GCOS opened its plant on 30 September 1967, it became the first company in the world to produce heavy oil commercially. In 1979, Sun merged its Canadian subsidiary, the Sun Oil Company, with GCOS to form Suncor.

Oil Sands:
Oil sands, tar sands, crude bitumen, or bituminous sands, are a type of unconventional petroleum deposit. Oil sands are either loose sands or partially consolidated sandstone containing a naturally occurring mixture of sand, clay, and water, soaked with bitumen, a dense and extremely viscous form of petroleum.

Significant bitumen deposits are reported in Canada, Kazakhstan, Russia, and Venezuela. The estimated worldwide deposits of oil are more than 2 trillion barrels (320 billion cubic meters); Proven reserves of bitumen contain approximately 100 billion barrels, and total natural bitumen reserves are estimated at 249.67 Gbbl (39.694×109 m3) worldwide, of which 176.8 Gbbl (28.11×109 m3), or 70.8%, are in Alberta, Canada.