Economy 52,838 Posted June 16, 2016 Share Posted June 16, 2016 http://www.financialpost.com/m/wp/blog.html?b=business.financialpost.com/news/energy/fort-mcmurrays-devastating-wildfire-is-no-longer-the-canadian-oil-industrys-biggest-problem Canadas oil companies are researching methods of using microwave technology to send it deep underground and superheat the sand to seperate the Oil. This would eliminate the need for harmful solvents sent underground and would eliminate the need to burn natural gas to heat the sand/soil. In essance, producing a barrel of oil would become pollution free Such technologies could also increase Recoverable reserves in Canada's Oil Sands from the current 175 Billion Barrels to 300 Billion barrels, the most in the world! Link to post Share on other sites More sharing options...
Computer 10,980 Posted June 16, 2016 Share Posted June 16, 2016 That's exciting I hope it happens! 💚💛💕❣⭕💢💢 | ⓜⓔⓡⓡⓨ ©ⓗⓡⓘⓢⓣⓜⓐⓢ Link to post Share on other sites More sharing options...
gagajandro25 6,103 Posted June 16, 2016 Share Posted June 16, 2016 Come thruuuu MicroWave Technology Lady Gaga is a legend and you will deal with it Link to post Share on other sites More sharing options...
Economy 52,838 Posted June 16, 2016 Author Share Posted June 16, 2016 2 minutes ago, Computer said: That's exciting I hope it happens! Too bad research of new technology always takes so many years But theyve been saying for a while that new stuff they are working on will move Canada from the current 3rd place to #1 😆 I dont know why thats so exiting, but the Idea of being #1 in the world with most oil somehow is appealing Link to post Share on other sites More sharing options...
PartySick 172,405 Posted June 16, 2016 Share Posted June 16, 2016 Ready to get my oil production on! 46 minutes ago, Economy said: But theyve been saying for a while that new stuff they are working on will move Canada from the current 3rd place to #1 😆 I dont know why thats so exiting, but the Idea of being #1 in the world with most oil somehow is appealing Careful, we might invade you next Jk, but that could have an interesting impact on relations with certain Middle Eastern countries, no? Whimsical bitch Link to post Share on other sites More sharing options...
Economy 52,838 Posted June 16, 2016 Author Share Posted June 16, 2016 33 minutes ago, PartySick said: Ready to get my oil production on! Careful, we might invade you next Jk, but that could have an interesting impact on relations with certain Middle Eastern countries, no? I dont really know what that would change... We currently have 175 Billion barrels of recoverable reserves. Thats the 3rd highest in the world... We could keep increasing production with those reserves Also Canada already is the bighest supplier of oil to the US and after Canada its Mexico. The US doesnt import much crude from Middle East anymore. Lastly even if our reserves rise to 300+ Billion barrels after new technologies and become the largest in the world, it doesnt change the fact that were the slowest growers in the world... Canada cannot grow production quickly as hard as it tries because Oil Sands are super long cycled by Nature. It takes 5-10 years to set up a new field, then 50 years to depleate it... Our production is still rising despite oil crash because if new projects that started in 2007 and are only coming online now But if prices were to surge now, everyone else would start raising production but in 5 years ours will stall because no new ones are starting now Our huge reserves dont change the fact that we dont have the ability to respond to market changes. What happens in oil market today is only reflected on production a decade from now Link to post Share on other sites More sharing options...
PartySick 172,405 Posted June 16, 2016 Share Posted June 16, 2016 1 minute ago, Economy said: I dont really know what that would change... We currently have 175 Billion barrels of recoverable reserves. Thats the 3rd highest in the world... We could keep increasing production with those reserves Also Canada already is the bighest supplier of oil to the US and after Canada its Mexico. The US doesnt import much crude from Middle East anymore. Lastly even if our reserves rise to 300+ Billion barrels after new technologies and become the largest in the world, it doesnt change the fact that were the sliwest growers in the world... Canada cannot grow production quickly as hard as it tried because Oil Sands are super ling cycled by Nature. It takes 5-10 years to set up a new field, then 50 years to depleate it... Our production is still rising despite oil crash because if new projects that started in 2007 and are only coming online now But if prices were to surge now, everyone else would start raising production but in 5 years ours will stall because no new ones are starting now Our huge reserves dont change the fact that we dont have the ability to respond to matket changes. What happens in oil market today is only reflected on production a decade from now I'll be totally honest, most of that after the bolded bit went over my head Whimsical bitch Link to post Share on other sites More sharing options...
Economy 52,838 Posted June 16, 2016 Author Share Posted June 16, 2016 9 minutes ago, PartySick said: I'll be totally honest, most of that after the bolded bit went over my head Oh sorry Simply put, our Oil Sands have a massive amount of oil but it takes a long time to set up the land and infrastructure to extract it US Shale with fracking, or drilling for liquid oil is much faster. In Canada, the type of oil we have (Oil Sands) requires long term investment to set up a project. So hypathetically if the world went into a huge shortage right now and oil prices spiked, you could not rely on Canada to raise production. High prices might make companies invest in more new fields but our production wouldnt surge from todays investments until 2022 to 2026 The bright side tho is that it also take a long time to depleate an oil sand field because they go deep. So when prices crash and our companies stop investing in new fields, our production doesnt drop like in other Countries and stays consistent because todays fields wont depleate till sometime after we die of old age Link to post Share on other sites More sharing options...
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