 Conventional light oil is a mature industry with most of the recoverable oil reserves already produced and production declining by three to four percent per year.Conventional heavy oil is also past its production peak with a future of long-term decline.Alberta, which contains most of the reserves, expects its light-medium crude oil production to decline by 42% from 2006 to 2016, while it expects heavy crude production to decrease by 35% over the same period.