Canada Oil Sands Output May Increase Sixfold by 2030
http://www.bloomberg.com/apps/news?pid=10000082&sid=aGEiywJ8Yr8s&refer=canada
Sept. 2 (Bloomberg) -- Canada, the largest supplier of crude oil to the U.S., may increase output from Alberta's oil sands sixfold in the next 25 years as record oil prices spur investment in the province, a government energy adviser said.
Alberta may increase output from the oil sands to 6 million barrels a day in 2030 from about 1 million barrels a day at present, said Claude Drzymala, a senior energy adviser at the Canadian Department of Industry.
``The vision of the government of Canada is 6 million barrels a day by 2030,'' Drzymala told reporters yesterday at a conference of oil-industry and governmental officials in Scheveningen, Netherlands, hosted by Global Pacific & Partners.
A 15-year-long decline in oil reserves and crude-oil prices of more than $70 a barrel are pushing companies such as Royal Dutch Shell Plc, Exxon Mobil Corp. and Chevron Corp. to spend $76 billion in the next decade to boost supplies of oil from tar sands and diesel fuel from Qatari natural gas.
Output at the Alberta fields, which cover an area about the size of Belgium, will probably approach 1.6 million barrels a day in 2012 and 2.8 million barrels by 2016, Drzymala said. Production costs will fall to about $7 a barrel from $11 in the next five years because of new technological developments, he said.
Growing Investment
Companies including Exxon Mobil Corp., Royal Dutch Shell Plc and Suncor Energy Inc. are forecast to spend C$45 billion ($37.9 billion) between this year and 2010 to expand oil sands output, according to the Canadian Association of Petroleum Producers, which represents companies that account for more than 95 percent of Canada's daily oil and natural gas output.
Oil executives say they have no choice but to try alternatives to drilling because little crude remains to be found in their existing fields. Alberta's oil sands contain the world's largest petroleum deposits outside Saudi Arabia. Its unconventional oil reserves contain about 175 billion barrels of oil, Drzymala said. That's about 32 percent less than Saudi Arabia's 259 billion barrels, according to the Canadian producers' group.
Canada's exports of crude oil to the U.S. averaged 1.61 million barrels a day in the first half of this year, ahead of Mexico's 1.57 million and Saudi Arabia's 1.53 million, according to U.S. Energy Department data
Sept. 2 (Bloomberg) -- Canada, the largest supplier of crude oil to the U.S., may increase output from Alberta's oil sands sixfold in the next 25 years as record oil prices spur investment in the province, a government energy adviser said.
Alberta may increase output from the oil sands to 6 million barrels a day in 2030 from about 1 million barrels a day at present, said Claude Drzymala, a senior energy adviser at the Canadian Department of Industry.
``The vision of the government of Canada is 6 million barrels a day by 2030,'' Drzymala told reporters yesterday at a conference of oil-industry and governmental officials in Scheveningen, Netherlands, hosted by Global Pacific & Partners.
A 15-year-long decline in oil reserves and crude-oil prices of more than $70 a barrel are pushing companies such as Royal Dutch Shell Plc, Exxon Mobil Corp. and Chevron Corp. to spend $76 billion in the next decade to boost supplies of oil from tar sands and diesel fuel from Qatari natural gas.
Output at the Alberta fields, which cover an area about the size of Belgium, will probably approach 1.6 million barrels a day in 2012 and 2.8 million barrels by 2016, Drzymala said. Production costs will fall to about $7 a barrel from $11 in the next five years because of new technological developments, he said.
Growing Investment
Companies including Exxon Mobil Corp., Royal Dutch Shell Plc and Suncor Energy Inc. are forecast to spend C$45 billion ($37.9 billion) between this year and 2010 to expand oil sands output, according to the Canadian Association of Petroleum Producers, which represents companies that account for more than 95 percent of Canada's daily oil and natural gas output.
Oil executives say they have no choice but to try alternatives to drilling because little crude remains to be found in their existing fields. Alberta's oil sands contain the world's largest petroleum deposits outside Saudi Arabia. Its unconventional oil reserves contain about 175 billion barrels of oil, Drzymala said. That's about 32 percent less than Saudi Arabia's 259 billion barrels, according to the Canadian producers' group.
Canada's exports of crude oil to the U.S. averaged 1.61 million barrels a day in the first half of this year, ahead of Mexico's 1.57 million and Saudi Arabia's 1.53 million, according to U.S. Energy Department data
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