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More concurrence
from Canada regarding what Kunstler and other peak-oil predictors have said
about global oil peaking already under way. - kwc Alberta oilsands world's largest source of new crude oil by 2010: CIBC Alberta's oilsands will become the most important source of
new oil in the world by 2010 as conventional crude dries up, CIBC World Markets
says in its monthly report. Alberta
will sit on one of the most valuable energy sources in the world by that time,
and one of the few still open to private investment, said Jeff Rubin, chief economist at CIBC World Markets,
the bank's wholesale banking arm. He added that conventional oil production around the world
apparently peaked in 2004.
Rubin found total world oil supplies grew by less than one
million barrels a day last year. None of that growth came from outside the OPEC
sphere. That finding was particularly surprising because oil prices have
doubled in recent years, making exploration of many new areas economically
feasible for the first time. Rubin looked at 164 upcoming oilfields in his study and
found that new oil is, in fact, being discovered and coming on stream. But more than half simply balances declining
production from existing fields in the North Sea and Kuwait's Burgan region. Rubin does expect a net gain in oil production in coming
years, but it will be small and getting smaller. He expects 3.6 million barrels
of new oil to come on stream in 2006, but 2.2 million barrels will go to
replace declining reserves elsewhere, leaving just 1.4 million barrels of new
oil. Rubin expects 1.5 million barrels of new oil in 2006 and 2007, but less
than a million barrels a day in 2008. Energy companies are finding new oil, but most of it will
come from non-conventional sources. Ocean oil rigs are the primary source of
new oil today. Alberta's
oilsands will rival Saudi oilfields once expansion projects are underway. Suncor Energy Inc. and its predecessor, Great Canadian Oil
Sands, have been developing the oilsands near Fort McMurray in northern Alberta
since 1963. But the project was hobbled by the difficulties and expense of
extracting crude oil from what is essentially an oily sand. Forty years later, production has risen to about 270,000
barrels a day, with plans to expand to more than half a million barrels a day
by 2012. http://www.cbc.ca/story/canada/national/2006/01/10/cibc-060110.html FROM DEC. 1, 2005:Suncor Energy Inc. plans $3.5 billion in capital spending
for 2006 FROM JAN. 5, 2006:Suncor produces billionth barrel of crude since '67,
gives production update |
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