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South east regional economic development authority |
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WEYBURN SASKATCHEWAN |
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Welcome to Weyburn The Opportunity City
Located in the heart of Southeast Saskatchewan, Weyburn has quickly become the hub of the southeast and its energy and food sectors.
A community steeped in culture and history, Weyburn has such honours as being home to the “Greatest Canadian” (Tommy Douglas), the world’s first and largest curling museum, and we are the largest inland grain handling point in Canada.
Complimenting this beautiful and vibrant side is an amazing economic engine which is causing many forecasters to begin watching Weyburn as it becomes Saskatchewan’s next powerhouse.
Weyburn’s Booming Economy
Saskatchewan is presently leading all Canadian provinces in terms of economic growth and inter-provincial migration, and has managed to turn around an outdated and stagnant economy into a multi-faceted, dynamic and innovative economic powerhouse in less than a decade. The province, through much hard work, innovation and some good timing and luck, is now poised to generate a significant portion of tomorrow’s wealth.
When one compares the Saskatchewan provincial real Gross Domestic Product (GDP) forecast to other regions the figures are almost astounding. Saskatchewan’s GDP is forecast to actually grow at or above 3.5% in 2008 and 3% in 2009, which in a world economy mid- recession is quite significant. In fact, it could be stated as a fact that Saskatchewan is growing over three times faster than the USA (the world’s largest economy), which is forecast to contract while Saskatchewan is beating out its closest Canadian rivals Manitoba and BC by at least 1/3 the growth rate.
Weyburn is unique because we sit geographically atop the Bakken, arguably one of the worlds largest reservoirs of desirable light sweet crude. Further, due to other special characteristics and an already established energy sector operating in the region Weyburn is destined to become an energy and food producing powerhouse.
Billions of dollars of investment from petroleum exploration companies into the Bakken are leading an economic boom that will be of unprecedented proportions for the area and result in high numbers of new jobs and an influx of new residents.
As the second largest crude oil producing province in Canada, Saskatchewan produces in excess of 428,000 barrels of oil per day (or 17 percent of Canada’s total oil production). In April of 2009, Saskatchewan Energy & Resources Minister Bill Boyd told an international oil conference that Saskatchewan should soon overtake Alberta as the country’s largest conventional oil producer.
Recent oil developments have targeted the Bakken oilfield, which extends from southeast Saskatchewan through South Dakota and Montana. The Canadian base of this exploration is centered on Weyburn.
Oil has been important to Weyburn since the 1950s and new technologies such as carbon sequestration by companies like Weyburn-based EnCana have helped to extend the life of many old oil wells in the region keeping the community vibrant.
Further, home-grown Weyburn companies have been experiencing considerable economic diversification. Major expansions are planned for the Weyburn Inland Terminal a significant regional grain handling and shipping depot, and recently a major $90 million deal between the Government of Saskatchewan and Nexans Canada, an industry leader in diversified wire and cable manufacturing, was announced.
A Bit about the Bakken Oil Field The Bakken oilfield (pronounced BOK-en) is a vast formation of oil-rich shale lying beneath half-a-million square kilometres of the Great Plains from Montana to southeast Saskatchewan and has been known about since the 1950s. Unlike oil from the Alberta Oil Sands which is expensive to refine, Bakken crude is light and sweet - a higher grade than even that found in Saudi Arabia, and is that which is most desired by major oil companies and refineries world wide.
According to the U.S. Geological Survey (USGS), there are estimated to be between 413 to 503 billion barrels of oil in the Bakken Formation and experts say that anywhere up to 50% of it is recoverable by currently available technology. Obviously as technology improves so will recovery rates.
Hence, for Weyburn as the key regional urban center already sitting atop the active Weyburn Field, it is also at the centre of the now accessible Canadian section of the Bakken reserve.
Therefore, without getting bogged down in too much technical jargon, it could be basically said that Weyburn now sits atop of one of Canada’s most significant, and due to the relative ease and low cost of accessing the oil in place, perhaps the most significant energy reserve in Canada. For Weyburn, which has already had a successful run with oil, the development of the Bakken formation is the equivalent of being struck by lightning twice in a lifetime.
Doing Business in Weyburn
As Weyburn continues this unprecedented growth, it is remaining a very economical place to do business. Commercial taxation rates are among the lowest in the province, infrastructure is strong, real estate values remain affordable, and it is a great place to live, work, and invest.
The corporate culture in Weyburn is very professional, productive, and cooperative. Weyburn has earned a reputation as “headquarters central” since we have attracted the administrative offices of many regional entities such as the Sun Country Health Region, the Southeast Cornerstone School Division, and the Southeast Regional College.
Transportation Weyburn is ideally located, and is served by excellent transportation.
The Weyburn Airport is located one mile east and one mile north of the City. It is a Transport Canada registered four-directional airport. Runway 12-30 is a four season runway, which is 4,000-feet by 75-feet (critical aircraft – King Air 200). Runway 06-24 is 3000 feet by 75 feet. The airport sees regular traffic from corporate jets, crop sprayers, and recreational flyers. Aviation fuel is also available. For more airport information, please visit www.weyburn.ca.
Conveniently located only 116 kilometres from Regina, the international airport and countless other services are very accessible. This is a great alternative to big-city living while keeping drive times no greater than crossing any major metropolitan city.
Driving Distances to Significant Points Kms Miles Regina, SK 116 73 Swift Current, SK 322 200 Calgary, AB 812 508 Winnipeg, MB 504 315 North Portal Border Crossing 126 78 Minot, North Dakota 278 172 Minneapolis, Minnesota 1227 767
Construction Statistics The City of Weyburn is growing at an unprecedented rate, and recent numbers from the City Building Department illustrate just how much investment continues into Weyburn. Building Permits issued in 2008: 212 projects valued at $57 million New buildings constructed in 2008: 92 – or about one new building every 4 days. 2008 new construction value per capita: Approximately $4 million/1000 people. 2007 to 2008 increase in new single family dwellings: 55%
Development The City of Weyburn has three industrial parks under development (Grand Trunk Place, Riverside Park, and Bronhams), as well as existing developments. There are available commercial and industrial locations within Weyburn, and of course prices for land vary by location and amenities. The City of Weyburn has very attractive incentives for new and expanding businesses, and city officials are very eager to meet with interested parties. Weyburn is indeed open for business, and treats each new land sale as a unique transaction so that we can be sure that new property owners have the deal they need to make their business successful.
Weyburn has a number of quality contractors and developers who can provide information regarding construction costs and lease rates.
This information, combined with the strong planning by the City administration has made Weyburn a beautiful city. It has all the amenities of a major urban centre, while keeping the neighbourhoods clean, defined, and safe. |
