Canada's Oil Supply Could Top Saudi Arabia's

[scorpio]

http://www.cbc.ca/story/canada/natio...oil060111.html

Canada's oil supply could top Saudi Arabia: report
Last Updated Wed, 11 Jan 2006 06:21:12 EST
CBC News

Alberta's oilsands could become the single biggest contributor to the world's supply within 10 years, says a report released Wednesday by CIBC World Markets.

That would mean a global shift in oil dominance from Saudi Arabia and the Middle East to Canada.

The study of 164 new oilfields and projects indicates oil markets "will become even tighter over the next three years" if global demand continues to grow at its current pace, said Jeff Rubin, Chief Economist at CIBC World Markets.

The main reason is most of the new oil coming on line this year will simply offset older oilfields being depleted in the North Sea and Kuwait.

Rubin suggested global conventional oil production peaked in 2004. New supply in 2007 is expected to grow by less than 1.5 million barrels per day and will fall to less than one million barrels per day in 2008, the report says.

"All of the net increase in oil production this year is expected to come from non-conventional sources. While deep-water oil is the primary source today, we forecast that Canadian oilsands will become the single biggest contributor to incremental global supply by 2010."

The study suggests planned capacity expansions in the Alberta oilsands over the next decade will exceed even those in Saudi Arabia.

Rubin also noted Canadian oilsands would also be one of the few remaining oil developments still open to private investment.

Oil prices are expected to average more than $70 US per barrel this year.

[L.A. BRONCOS FAN]

I've read elsewhere that this analysis re: Canada's tar sands doesn't hold up in light of the net energy equation, i.e., the amount of energy it takes to produce a given quantity of the same type of energy.

The process involved in extracting the oil is not only extremely expensive - it requires a great deal of energy, if I remember correctly.

[scorpio]

Originally Posted by L.A. BRONCOS FAN

I've read elsewhere that this analysis re: Canada's tar sands doesn't hold up in light of the net energy equation, i.e., the amount of energy it takes to produce a given quantity of the same type of energy.

The process involved in extracting the oil is not only extremely expensive - it requires a great deal of energy, if I remember correctly.

I've heard this too..there is actually a HUGE amount of petroleum trapped in western Colorado oil shale, but it is difficult to extract for the reasons you mentioned. There was supposed to be a new technique that drastically reduces cost, but I haven't heard much about it in the last few months.

[L.A. BRONCOS FAN]

Originally Posted by scorpio

There was supposed to be a new technique that drastically reduces cost, but I haven't heard much about it in the last few months.

If someone could come up with a cost effective and energy efficient way to extract that stuff then we'd be in 'bidness,' that's for sure.

[Billy Clyde Puckett]

There was an article in the Post a couple of weeks ago about a guy who was supposed to be the most successful geologist at finding oil in the world claiming the largest oil deposit ever will be found off the west coast of Africa and he has secured the rights in conjunction with several of the large American and European oil companies. We'll see.

[L.A. BRONCOS FAN]

Originally Posted by Big Guy

There was an article in the Post a couple of weeks ago about a guy who was supposed to be the most successful geologist at finding oil in the world claiming the largest oil deposit ever will be found off the west coast of Africa and he has secured the rights in conjunction with several of the large American and European oil companies. We'll see.

If it's the largest ever then, by definition, that means it's bigger than Ghwar.

If this were the case, then the world's oil supply worries would be over for a long time to come.

[SteveTensi13]

I say we invade Canada and Mexico take the oil and laugh our asses at the camel jockies as they wallow in their own irrelevancy!

[Spider]

Originally Posted by PATRIOT

I say we invade Canada and Mexico take the oil and laugh our asses at the camel jockies as they wallow in their own irrelevancy!

Canada we have to find a reason, but Mexico has been invading us for years