Super Mega Oil Project For Next Half Century In Consideration In Canada

[Economy 52,861]

https://www.google.ca/amp/s/www.cbc.ca/amp/1.5409028

 

A Super Mega Project that will cost over $20 Billion for the construction alone is under consideration in Canada. A project that would run for nearly half a century producing 260,000 barrels a day

 

Unlike US Shale which runs on thousands of drilling sites that quickly dry out, Canada's Oil sands run on a handful of really large projects that last decades

 

Each individual project has both a lot of money and green house has emissions at stake to consider

 

Recovery rates from new oil sands technology may raise Canada from having the 3rd largest reserves currently to #1 in the world with more Oil than the entire Middle East and OPEC combined

[Kimmo 82,284]

Yasss bye Texas and hello Canada.... I’m telling my husband to apply since he’s an oil technician so I can move to Canada and get those coins!!!

[Economy 52,861]

29 minutes ago, Kimmo said:

Yasss bye Texas and hello Canada.... I’m telling my husband to apply since he’s an oil technician so I can move to Canada and get those coins!!!

Canada's Oil industry is definitely way less volatile than US Shale

 

Canada's Oil Sands run on really long cycles. Billions of dollars upfront and years to start a project but once up and running those projects which tend to go deep will run for decades

 

US Shale is the extreme opposite. Very short cycles. Quickly to track a site but quickly depleates and new drilling needs to take place

 

We are incapable of booming in production like the US during the good years cuz it takes years for new investment to turn into production... But during the bad years production doesn't collapse like it did in 2016 in the US cuz the projects already up and running don't depleates

 

Basically Canada's oil industry is less boom-bust and more consistent because if the really long cycles

 

PS: dunno how much hiring is going on given the job cuts after the oil price collapse

 

[PunkTheFunk 125,703]

We're far from the 

2 hours ago, Economy said:

Shale

2 hours ago, Economy said:

Oil

now

[Economy 52,861]

4 minutes ago, PunkTheFunk said:

We're far from the 

now

Canada has a lot of shale oil too that's the irony

 

We simply never put a tone of emphasis on it tho cuz we already have such a huge amount of oil in the oil sands and an established industry

 

I have a feeling oil will struggle a fair bit for a few decades as we phase out oil powered transportation...

 

But a lot of oil will still be used for everyday products... Plastics, asphalt, shingles, paints etc and we will consume a lot for years to come

 

I think once reserves start to run dry Countries like Canada will seriously benefit tbh