Boasting 178 billion barrels of proven oil reserves and close to 58 Tcf of proven natural gas reserves as of 2009, Canada is the world's largest reserve holder after Saudi Arabia and the top supplier of U.S. energy imports. Canada is also home to the world's most expansive oil sands deposits, the development of which extracts and processes a heavy, tar-like crude bitumen that comprises the bulk of the country's reserves. Canada's oil and natural gas sector is privatized, with industry regulation occurring at the provincial level.
Budget and cost control professionals play an important role in oil and gas projects and organizations. The goal of these individuals is to keep costs down and widen profit margins. Budgeting refers to forecasting the future costs of a specific project, or an entire fiscal year. Budgeting professionals will try to plan for every expense and come as close as possible to the actual figure. Cost control refers to containing expenses and monitoring how close to budget a project or company is. Both budgeting and cost control professionals are found in every aspect of oil and gas, and while they are most closely associated with the design and construction phase, they continue to monitor costs throughout a project’s life cycle.