EDMONTON - According to the latest IEA estimates, Canadian and North American oil output will soar in coming years. While this prediction includes measured growth for the United States, the real headline-making growth will come from Canada's oil sands.

The potential of Canada's oil sands have been largely untapped, as technological hurdles prevented large sacle projects until quite recently. There are now numerous multi-billion dollar projects underway across Alberta and increasing exploration in Saskatchewan and abroad.

Of course, in the U.S. most untapped oil resources can be attributed to shale oil - also known as 'light tight' oil. This oil is difficult to acquire, requiring prohibitively expensive procedures. This is the major reason why Canada will be responsible for most of North America's output growth, with production north of the border rising to 4.7 million barrels a day by 2016.

Canada has increasingly been seen as a safe investment due to our country's strong economic fundamentals and our quick recovery from the recent recession. Coupled with the increased technological viability of oil sands resources, there has been a veritable deluge of international corporations and investors seeking to participate in Canadian ventures.

The IAE report went even further with its praise of Canada's oil sector. "North America is now seen as the strongest-growing non-OPEC region," stated the report.

Financial experts and market analysts expect these trends to continue with the announcement of new pipeline construction projects across the continent.

Mexican production has been on the decline in recent years, which further highlights the strength of our own industry.