Economy 52,844 Posted May 24, 2015 Share Posted May 24, 2015 http://ca.reuters.com/article/businessNews/idCAKBN0O72E020150522 http://www.nationalobserver.com/2015/05/22/news/vast-shale-oil-reserves-estimated-central-northwest-territories-0 Recent new surveys in land that was suspected to contain significant shale reserves suggests a newly discovered shale formation in Northern Canada (In North West Territories) holds approximately 200 Billion barrels of oil. There is no official estimate yet on how much of it is recoverable. Although Canada at first ignored shale as it focused on its massive oil sands, new cheaper fracking technologies have Canadian companies interested in expanding into shale as well Canada currently has the worlds 3rd largest proven oil reserves at 170 Billion barrels. Reserves could surge once official estimates for "recoverable reserves" from this shale discovery and other shales still pending official data get added to official National Reserves. Environmentalists are not happy that yet another large reserve of fossil fuels has been discovered. Link to post Share on other sites More sharing options...
KyliesChild 16,907 Posted May 24, 2015 Share Posted May 24, 2015 Oh this might not be good.... Link to post Share on other sites More sharing options...
Economy 52,844 Posted May 24, 2015 Author Share Posted May 24, 2015 Oh this might not be good.... Now we got huge reserves of shale AND oil sands natural gas, oil sands, nickel, copper, gold, silver, zinc, uranium, potash, diamonds, lumber... now larger shale reserves than we thought we had... No wonder manufacturing in Canada is dying. With so many natural resources to tap into a Country can easily get lazy and loose innovation Link to post Share on other sites More sharing options...
KyliesChild 16,907 Posted May 24, 2015 Share Posted May 24, 2015 Now we got huge reserves of shale AND oil sands natural gas, oil sands, nickel, copper, gold, silver, zinc, uranium, potash, diamonds, lumber... now larger shale reserves than we thought we had... No wonder manufacturing in Canada is dying. With so many natural resources to tap into a Country can easily get lazy and loose innovation Yeah and it can lead to a weaker economy too There are many many bad things that could happen. It's kinda cool to have all of those resources though. At least the gas prices wouldn't be high I guess Link to post Share on other sites More sharing options...
Nemo 4,410 Posted May 24, 2015 Share Posted May 24, 2015 Get with the program, drive electric. ;) Link to post Share on other sites More sharing options...
Economy 52,844 Posted May 24, 2015 Author Share Posted May 24, 2015 Yeah and it can lead to a weaker economy too There are many many bad things that could happen. It's kinda cool to have all of those resources though. At least the gas prices wouldn't be high I guess i wouldnt say weaker, more vulnerable. Canada has made lots of money on these resources, and it helped us survive better than most during financial crisis. But resources is a boom and bust business with volatile prices. Its got wild swings which is the downside, not very consistant. My Province is actually not in a part of Canada with too many natural resources, were more corporate and manufacturing based and no gas is just as expensive here as in many places... Unlike most of the other Countries with very large oil reserves (Saudi arabia, Venezuela, Iraq, Kuwait etc) Canadas oil industry is all private companies not Government companies... theres also no oil subsities... this means we still pay full market price. We do not get price discounts just because we have tones of oil Secondly we dont consume our own oil cause most of our oil is in Western Canada but most of Canadas population is in the Eastern half in Ontario and Quebec and since theres no pipeline connections between East and West we import our oil from the middle East the oil we produce instead is sold to the USA because we have proper pipelines and railways going down there. Its all very ironic. We have tones of oil but we import what we consume and export all the oil we produce Link to post Share on other sites More sharing options...
RAMROD 117,031 Posted May 24, 2015 Share Posted May 24, 2015 One day this world will be like in Mad Max films.Dry, barren, and everything else unpleasant. (ﾉ◕ヮ◕)ﾉ✧*:･ﾟ ᶠʳᵒⁿᵗ ᵗᵒʷᵃʳᵈ ᵉⁿᵉᵐʸ (*´艸｀*) ♡♡♡ Link to post Share on other sites More sharing options...
Princess Die 1,864 Posted May 24, 2015 Share Posted May 24, 2015 Watch the USA invade now. Nod if you wanna make love with the enemy. ❤ Link to post Share on other sites More sharing options...
Economy 52,844 Posted May 24, 2015 Author Share Posted May 24, 2015 Watch the USA invade now. Lol they never did when the oil sands became a big thing. Canada has been #3 on proven recoverable oil reserves for many years now of course, oil sands have long cycles... Each project and oil field in the oil sands can yield oil as long as 50 years but it takes years and billions of dollars to set it up to begin with so production growth is slow and steady fracking with shale is the opposite. Each drilling site has short lifespans. With 3 years most of a drilling sites oil is depleated and u gotta move drilling else where so it needs constant reinvestment... But its much faster to set up to begin with Canada up till now had huge reservers but production growth is much slower than the boom in the US. Although in Canadas oil sands once u set up a new project ur good for decades, actually getting them up and runnig takes so bloody long and so much innitial investment Thats why the oil boom in the US has been so much faster than in Canada even tho the US reserves are much smaller. Now Canada is discovering its shale reserves are quite large also and maybe can grow production faster, catch is, the US can produce more of its own now and doesnt need Canadas as badly any more Link to post Share on other sites More sharing options...
field 98 Posted May 24, 2015 Share Posted May 24, 2015 Environmentalists are not happy that yet another large reserve of fossil fuels has been discovered.Just love this little addition to the news story you've made. Link to post Share on other sites More sharing options...
Economy 52,844 Posted May 24, 2015 Author Share Posted May 24, 2015 Just love this little addition to the news story you've made. well, much of the OP was not in these specific articles. They were only about the estimated reserves of the new finds and the location its in and how companies are interested The rest in the OP is known information and facts that are already known (such as teh current proven reserves) and stuff that has been talked about in media. I wasnt gonna try to find a source for every single known fact. The main point about the discovery is in those sources so i think i gave enough info Link to post Share on other sites More sharing options...
Better Day 5,766 Posted May 24, 2015 Share Posted May 24, 2015 The oil should be equally shared amongst all nations! #Marxism Together You And I! Link to post Share on other sites More sharing options...
Economy 52,844 Posted May 24, 2015 Author Share Posted May 24, 2015 I would never give it away! :P Link to post Share on other sites More sharing options...
Woolfsmck 2,763 Posted May 24, 2015 Share Posted May 24, 2015 The oil should be equally shared amongst all nations! #Marxism The that to the Saudi's ... I'd be all for it. like a cat in a sil, I observe life, moving and still. My words give a clue,look inside to see whats true Link to post Share on other sites More sharing options...
Better Day 5,766 Posted May 24, 2015 Share Posted May 24, 2015 The that to the Saudi's ... I'd be all for it.We should force Socialism on all the countries #SocialistRevolution Together You And I! Link to post Share on other sites More sharing options...
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