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View Diary: The 4 biggest oil fields in the world are in decline (197 comments)

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  •  60 Minutes (none)
    ran a story last weekend about the Albert oil sands. Related story from CBS news here. T. Boone Pickens was among those interviewed. His initial take, some years ago, was that the the process of extracting oil from the oil sands was much too expensive to be practical.

    Pickens is now a major investor.

    The oil sands are thought to be a huge resource, with capacity far outweighing even what's known to exist under Saudi Arabia.

    It's very expensive to extract oil from these sands, and the process creates an environmental nightmare. But, with oil prices per barrel reaching astronomical heights, suddenly the huge expense is affordable.

    Of course, one can easily conclude that high oil prices are here to stay. High prices make it practical to strip mine the oil sands. And the dependence on ever increasing flow of oil (China wants to get a piece of the Alberta pie too) gives incentive to keep the prices up there. The cycle feeds itself.

    He has oil. He tried to kill my daddy.

    by kensa on Thu Jan 26, 2006 at 07:12:02 AM PST

    [ Parent ]

    •  No (none)
      for the simple reason that NG is necessary for the steam
      to get the tar sands into useable for.

      Canada has already sequestered a huge amt of gas away from tarsands use.

      I think EnCana was formed shortly after this decision.

      And Valero's Lima Ohio heavy crude refinery in December 05 rejected the heavy crude offer from Encana.

      •  Oil sands and natural gas. (none)

        "Blessing are not just for the ones who kneel" Bono

        by kd texan on Thu Jan 26, 2006 at 10:24:33 AM PST

        [ Parent ]

        •  Converting it (bitumens) (none)
          into a synthetic gas.

          I missed how they plan on doing this.

          And then this:

          Smaller Petrobank Energy [TSX:PBG] is building a pilot project to test its technology that involves pumping air underground to fuel a fire that burns the heavier oilsands particles. Lighter, melted oil is accumulated by a second horizontal well and brought to the surface.

          Fire in the hole.  I thought they were kidding when I
          first heard of this last year.

          James

          PS-Thanx for the source, KD

          I have family in West Texas

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