Keyword: bitumen

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  • Alberta's royalty regime to take steep hit as oil prices sputter, energy minister warns

    01/21/2013 8:38:28 AM PST · by thackney · 5 replies
    Calgary Herald ^ | JANUARY 21, 2013 | CHRIS VARCOE
    The steep price discount facing Alberta crude is jeopardizing the Redford government’s projection of collecting $10 billion in bitumen revenue by 2014-15, as fewer oilsands projects are expected to graduate into paying higher royalties in the short term, says Energy Minister Ken Hughes. In last spring’s budget, the Tory government predicted it would collect a gusher from the province’s 108 oilsands projects, with bitumen royalties hitting $5.7 billion this year and climbing by an average of 32 per cent in each of the following two years — driven by rising production and expectations of higher commodity prices. Rising prices would...
  • Alberta bitumen takes to the tracks

    11/12/2012 10:13:48 AM PST · by thackney · 4 replies
    Calgary Herald ^ | NOVEMBER 12, 2012 | DAVE COOPER
    In a market where heavy crude sells at a huge discount and pipeline space is at a premium, one oilsands producer has found a way around the bottleneck. Southern Pacific Resource Corp., which began trucking out initial production from its new McKay Thermal Project three weeks ago, will open a dedicated rail terminal in a few weeks just south of Fort McMurray and ship its product in leased tanker cars via CN Rail all the way to Natchez, Miss. From there, it's just a short barge ride down the Mississippi River to one of the eight refineries in Louisiana, where...
  • CNRL applies for bitumen refinery near Edmonton

    01/28/2010 10:02:03 AM PST · by thackney · 7 replies · 299+ views
    Calgary Herald ^ | Jan 28, 2010 | Edmonton Journal
    Canadian Natural Resources Ltd. and North West Upgrading will submit a joint proposal to the Alberta government to build an upgrader northeast of Edmonton, the companies announced Thursday. The facility near Redwater would process 50,000 barrels per day of bitumen from Alberta’s oilsands, with the potential to be expanded in two phases to handle a total of 150,000 bpd. The two Calgary-based companies have struck a joint ownership agreement, with privately owned NWU as operator. It’s the first project under Alberta’s BRIK (bitumen royalty in kind) program, which is designed to promote construction of upgraders in Alberta. BRIK allows companies...
  • New technique could double bitumen recovery rate

    01/27/2010 9:59:17 AM PST · by thackney · 20 replies · 712+ views
    Calgary Herald ^ | Jan 27, 2010 | Dave Cooper
    A small Alberta energy company sitting on a rich bitumen deposit south of Fort McMurray is hoping to break the mould -- and not begin routine in situ production. Excelsior Energy believes it has a better idea: a method that will recover 65 per cent of the frozen molasses-like oil, about twice the recovery rate of the industry standard -- steam-assisted gravity drainage (SAGD). And even better, Excelsior's method will use virtually no water, and just 20 per cent of the energy needed by its SAGD neighbours. "We think combustion overhead gravity drainage (COGD) is an evolution for this business,...
  • Shifting Oil Sands

    09/01/2009 5:03:45 PM PDT · by Kaslin · 5 replies · 1,027+ views
    IBD Editorials ^ | September 1, 2009 | INVESTORS BUSINESS DAILY Staff
    Energy: We balk at importing "dirty" oil from Canada, but others aren't so reluctant. Exempt as a "developing" nation from Kyoto-like agreements, China has decided to help Canada develop its energy-rich oil sands.The Financial Post reports that PetroChina International Investment Co. has struck a deal to buy a 60% interest in Athabasca Oil Sands Corp.'s McKay River and Dover projects for $1.9 billion. China has been establishing energy beachheads around the world in its quest to keep its growing economy fueled. With possible conflict brewing between Israel and Iran, Beijing recognizes the need for reliable suppliers like Canada in an...
  • Saudi Oil Exec: Crude Reserves Figures Bunk

    06/05/2008 11:11:38 AM PDT · by Tolerance Sucks Rocks · 29 replies · 203+ views ^ | May 29, 2008 | MoneyNews
    Junk your SUV and buy an electric scooter. Recent claims by various OPEC leaders that the world has plenty of oil left are bunk, alleges Sadad Al-Husseini, a former top executive at Saudi Aramco, Saudi Arabia’s state-owned oil company. Oil-producing countries are inflating the size of their oil reserves by as much as 300 billion barrels by padding supposedly proven reserves with “probable” reserves and tar and oil sands, according to Husseini. Such hypothetical reserves are “not delineated, not accessible and not available for production,” Husseini said at a recent energy conference in London. Oil production has now reached its...
  • TransCanada unveils pipeline construction program

    04/27/2008 4:56:11 PM PDT · by Tolerance Sucks Rocks · 21 replies · 840+ views
    Calgary Herald ^ | April 25, 2008 | Gordon Jaremko, Edmonton Journal
    EDMONTON - TransCanada Corp. alone plans to ship more than one million barrels a day of oilsands production to the United States with an expanded pipeline construction program unveiled today. The Alberta oil and gas delivery mainstay added a second leg to its new Keystone export service that would more than double the system's capacity and extend it to the Texas coast of the Gulf of Mexico. TransCanada president Hal Kvisle said the added route is a companion instead of competition for projects underway by Enbridge Inc., which is also advancing more than one million barrels daily in new oilsands...
  • It depends on what you call oil, Part 2.

    06/02/2006 8:44:58 AM PDT · by thackney · 17 replies · 814+ views
    World Oil ^ | May 2006 | PERRY A. FISCHER
    In the unfortunate argument about peak oil supply, what constitutes "oil" is usually poorly defined. Canada's vast bitumen deposits, mostly located in northern Alberta, offer insight into the difficulty of determining what oil is, defining proved reserves, and peak production. There is little agreement on how this bitumen should be classified. Many folks do it the way World Oil does: with explanations and footnotes. One of our reasons for not classifying bitumen the same as conventional proved reserves is the fact that it presently relies on large amounts of natural gas and water for extraction and processing, as well as...
  • A Black-Gold Rush in Alberta (oil sands development looking good to producers)

    09/16/2005 5:58:00 AM PDT · by ChildOfThe60s · 15 replies · 730+ views
    Walll Street Journal Online ^ | September 15, 2005 | By TAMSIN CARLISLE
    With $80 billion of projects under way or in the planning stages, industry participants forecast that production from the oil-sands region will nearly triple to 2.7 million barrels a day by 2015 from one million barrels a day last year. The U.S. consumes about 21 million barrels of oil a day.