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Old July 1st, 2006, 07:51 AM  
Whisper
Ancient Gmod
 
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Name: Kodie
Join Date: June 30, 2004
Location: Van Island, BC
Age: 29
Gender: Male
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Default Re: Americans unaware oil from Canada



The Alberta Government calculates that about 28 billion cubic metres (174 billion barrels) of crude bitumen are economically recoverable from the three Alberta oil sands areas at current prices using current technology. This is equivalent to about 10% of the estimated 1,700 and 2,500 billion barrels of bitumen in place. [1]. Alberta estimates that the Athabasca deposits alone contain 5.6 billion cubic metres (35 billion barrels) of surface mineable bitumen and 15.6 billion cubic metres (98 billion barrels) of bitumen recoverable by in-situ methods. These estimates of Canada's oil reserves caused some astonishment when they were first published but are now largely accepted by the international community.


The Alberta estimates in some ways are extremely conservative, since they assume a recovery rate of around 20% of bitumen in place, whereas oil companies using the new steam assisted gravity drainage method of extracting bitumen report that they can recover over 60% with little effort. These much higher recovery rates probably mean that the ultimate production could be several times as high as the already very large government estimates.

At current rates of production, the Athabasca oil sands reserves would last over 400 years. However, they are unlikely to stay that way given the current supply shortage in the world. Assuming that Alberta quadrupled its production of oil, exporting most of it to the United States, the oil sands would last over 100 years.



Quote:
Originally Posted by LIsailer19
p.s. happy 2 year (and one day) anniversay at VT Cody
Thanks man!

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