Author Topic: The Oil Reserve 8 Times Bigger than Saudi Arabia's!!  (Read 978 times)

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Online Graybeard

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The Oil Reserve 8 Times Bigger than Saudi Arabia's!!
« on: January 31, 2007, 06:24:22 AM »
Did any of you know about this? Have any of you ever heard of this?

It seems that the oil sands in Alberta, Canada have become a veritable “black gold” mine.

Quote
"According to the Oil Sands Discovery Centre in Alberta, it now costs an average of just $13.21 to process each of the 2.5 trillion barrels of oil embedded in the sands – a reserve 8 times bigger than Saudi Arabia’s… containing more oil than all OPEC nations combined."

I noticed a banner on Google, the banner that shows at the top of page under our rotating banners that mentioned this head line so clicked on it. I then signed up for the e-mail update as it seems easy enough to dump it later if I decide I'm no longer interested. I at least wanna know which oil companies own this HUGE reserve as I'm thinking they might be a good place to put some investment money.

Can you believe Canada with more oil than all of the OPEC nations combined? And from what it says it's gonna be cheap enough to produce now. Here's the full quote:

Quote
"But improvements in mining technology have dramatically reduced the cost of extraction, rocketing bottom lines skyward. According to the Oil Sands Discovery Centre in Alberta, it now costs an average of just $13.21 to process each of the 2.5 trillion barrels of oil embedded in the sands – a reserve 8 times bigger than Saudi Arabia’s… containing more oil than all OPEC nations combined."


Bill aka the Graybeard
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Offline Buckskin

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Re: The Oil Reserve 8 Times Bigger than Saudi Arabia's!!
« Reply #1 on: January 31, 2007, 06:37:35 AM »
They've been talking about these sands for years, but until now the technology wasn't there and it wasn't cost effective to "harvest" the oil from the sand.  Honestly this oil (and natural gas) thing is out of hand, the US and Canada have more than enough oil to tell the Arabs to go stick it, but the Libs are to ignorant to realize that oil rigs aren't what they used to be, and we can get it without destroying the environment.  Yeah, I know they want us to use sunlight to run our cars and rub branches together to keep warm.  Global warming right???? It was -5 F this morning!!!
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Offline alsaqr

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Re: The Oil Reserve 8 Times Bigger than Saudi Arabia's!!
« Reply #2 on: January 31, 2007, 08:31:42 AM »
The US has vast deposits of oil shale.  Wyoming was the site of a pilot plant for the extraction of oil from shale in the late 70s- early 80s time frame. 

Online Graybeard

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Re: The Oil Reserve 8 Times Bigger than Saudi Arabia's!!
« Reply #3 on: January 31, 2007, 11:10:30 AM »
Now the oil shale I was fully aware of but I don't think we've yet found a good way to extrate it at an economically price. If the price of oil keeps climbing it will one day become economical due to the price of oil or maybe we'll find a new and better way to extract it.


Bill aka the Graybeard
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Offline Ratltrap

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Re: The Oil Reserve 8 Times Bigger than Saudi Arabia's!!
« Reply #4 on: January 31, 2007, 11:16:14 AM »
There was a report on 60 minutes last year that put the break-even cost of developing those sands at about $45/bbl. Also suggested they were gearing up for major development of those fields.

Offline billy_56081

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Re: The Oil Reserve 8 Times Bigger than Saudi Arabia's!!
« Reply #5 on: January 31, 2007, 02:37:03 PM »
  I have no problem with using up all of the arab oil and saving ours. I'd love to see them begging for food.
99% of all Lawyers give the other 1% a bad name. What I find hilarious about this is they are such an arrogant bunch, that they all think they are in the 1%.

Offline dukkillr

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Re: The Oil Reserve 8 Times Bigger than Saudi Arabia's!!
« Reply #6 on: January 31, 2007, 02:52:57 PM »
There was a report on 60 minutes last year that put the break-even cost of developing those sands at about $45/bbl. Also suggested they were gearing up for major development of those fields.

I'd heard this too... the chemistry of the stuff it tough to deal with.

Offline Sourdough

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Re: The Oil Reserve 8 Times Bigger than Saudi Arabia's!!
« Reply #7 on: January 31, 2007, 07:10:27 PM »
Guys, I've got news for you.  The Canadians are running full bore year round on extraction of that oil sand.  But they are also having their environmental problems, and problems with their indiginous peoples.  The largest dump trucks in the world are right now in use in Northern Canada.  They also have the largest Drag Line in operation there also.  These machines were featured on MEGA MACHINES on the History Channel, just a week or so ago.  Also some of the Oil Engineers I have been talking to are saying that is the biggest thing going right now in the oil industry.  It's just the Oil Industry is not talking much about it to outsiders. 

The Canadians are also trying to get a Natural Gas Pipeline run from there (Northern Canada) to the states.

I have talked to some of the Engineers that have been doing exploration in the Northern parts of Alaska and Canada.  They have told me that the Oil Companies have taken all their reports and sealed them.  The Companies are keeping the results secret so only they know what the real estimates are for Oil and Gas on the North Slope.  But the engineers are saying that it is far more than the old reports said.  That includes the area GB is talking about, The McKinnsey river delta, ANWR(Artic National Wildlife Refuse), NPR (National Patrolium Reserve Alaska), and the areas west of Prudoe Bay, and under the Beaufort Sea.  We have no one but ourselves to blame for us buying all that oil from Saudi.  We have enough to keep us going till alternate sources can be developed. 

Just to fill you guys in on what is going on here in Alaska.  Our new governor Sara Phalin has pulled the oil and gas lease for Point Thompson.  The oil companies have been sitting on this lease for over 30 years and refusing to develop it.  The oil Companies have sued and it is now going to court.  If this one stands up in court Gov. Phalin intends to start pulling the other leases unless the oil companies start developing them.  As for the Natural Gas Pipeline, Gov Phalin is now talking about a smaller line to serve Alaska cities, towns, and communities.  Then possiably two small lines to go to Valdez to liquification plants to ship south.  Looks like a line to the lower 48 is dead.  Two reasons. First, congress, and the oil companies do not seem interested.  Second, With the line running through Canada, the Canadians have said they will then run a line down from Pt McKinsey to feed their Gas into the line.  Their oil minister also said they (Canada) would strip all the petro chemicals out of the Alaskian gas for their plastics industry.  When we protested and said we would remove them before they entered Canada, he got real snippy and said remember we have control of the valve and could shut off the flow from Alaska and feed all Canadian gas to the lower 48.  That means if we build the line the Canadians will have control over it and can shut us off any time they feel like it.  So in other words Gov Phalin does not trust the Canadians, they are not being the friendliest of neighbors.  We are currently having many issues with Canada.
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Offline TNrifleman

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Re: The Oil Reserve 8 Times Bigger than Saudi Arabia's!!
« Reply #8 on: February 01, 2007, 01:45:51 AM »
  I have no problem with using up all of the arab oil and saving ours. I'd love to see them begging for food.

My guess is that is the plan! Works for me!

Offline Buckskin

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Re: The Oil Reserve 8 Times Bigger than Saudi Arabia's!!
« Reply #9 on: February 01, 2007, 05:04:17 AM »
  I have no problem with using up all of the arab oil and saving ours. I'd love to see them begging for food.

Won't happen in our lifetime.
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Offline jhm

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Re: The Oil Reserve 8 Times Bigger than Saudi Arabia's!!
« Reply #10 on: February 01, 2007, 06:04:05 AM »
Around here last year natural gas has been the HOT ticket, mineral rights leases have run from $200 to $600 a Acre, and yes I did lease out the rights on the place, helps with all the Retirement TOYS and the various expenses that come with them. ;D   JIM

Offline Ratltrap

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Re: The Oil Reserve 8 Times Bigger than Saudi Arabia's!!
« Reply #11 on: February 01, 2007, 09:42:12 AM »
Gov. Phalin intends to start pulling the other leases unless the oil companies start developing them.

Hope she's not biting off more than we can chew.  The oil giants are 'doin just fine without our little puddle of oil, and I for one don't care to revert to the pre-1980 economy here to win that battle. Once they get the State in court it will take a serious tap on the Permanent Fund to make 'em budge. Look what Exxon has done with the Valdez settlement. They will keep that in court until those costs are fully amortized if not longer. Little as I liked our former Gov., he was right about the gas line.

Canadian relations are just a sideshow. When there is real demand the North Slope supply will get to it.

Anyway, they've probably stopped taliking. Gov. Palin was reading stories to the local kindergartners yesterday when she was scheduled to meet w/ Exxon execs.

Flame away  ;D

Offline S.S.

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Re: The Oil Reserve 8 Times Bigger than Saudi Arabia's!!
« Reply #12 on: February 01, 2007, 10:26:13 AM »
The only problem with the coal to oil idea is the amount of harmful by-products.
The amount of carbon it releases is apparently tremendous. If we as Americans could get past the Bigger is Better mentality (Such as Huge SUV's ) and yes, this includes me as well ! Our fuel woes would drop incredibly.
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Offline Will Bison

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Re: The Oil Reserve 8 Times Bigger than Saudi Arabia's!!
« Reply #13 on: February 01, 2007, 11:46:28 AM »
I must agree with several of you, burn up the Arab oil first, make them come begging. I think we need to develop the CAN/US fields even if we don't burn it. This gives us a hedge against the Arab prices. If the Arabs run the price of crude past a certain point, we simply go to our own reserve thus driving the Arabs to the bargaining table.

Offline Sourdough

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Re: The Oil Reserve 8 Times Bigger than Saudi Arabia's!!
« Reply #14 on: February 01, 2007, 01:19:40 PM »
Ratltrap:  At least tell the whole story, Gov Phalin was stranded there so she went to read to the kids while waiting for the plane to get weather clearance.  As for the issue of going to court, it's already there.  They pulled the lease for Point Thompson.  It's already scheduled in court.  Depending on the outcome as to what she is going to do with the rest of them.

And it's not just a little puddle of oil either.  And they are sitting on it to await higher prices.  They have been sitting on the gas for over 30 years.  Now they are pushing for deals where we give it to them to produce with out Alaska getting anything near its true value.

As for the pre 80s economy I don't remember it being too bad, it was the pre 70s economy that was bad.
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Offline Ratltrap

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Re: The Oil Reserve 8 Times Bigger than Saudi Arabia's!!
« Reply #15 on: February 01, 2007, 03:09:27 PM »
Anyway, I think they are still done talkin and my grandaughter enjoyed her story.  ;D

Don't mean to be argumentative, but Arctic oilfields are a comparitive puddle to what's in the mideast and N. Africa. Sands and shale are a different issue. Makes absolutely no sense, but if "our" strategy really is to use up all of theirs first we'll be waitin' a long time for that one to play out - probably longer than the internal combustion engine has been in existence. I thnk it's just more profitable to develop fields in other places.