skid
7th November 2012, 07:45 PM
I was a big believer in peak oil having worked in the Alberta oil & gas industry for 20 years and seeing the decline in conventional oil and gas resources. However, with these fields, and if they can get the shale oil, gas and gas liquids out of the ground without too much energy input, the North American supply of oil will see us well into the future. These are huge, huge resources...
http://www.theprovince.com/business/Immense+shale+resources+Alberta+Study/7510623/story.html
A new study has identified immense oil and gas resources in Alberta's emerging shale prospects, suggesting a string of recent takeovers and land buys will yield impressive production gains for some of the world's largest oil companies.
The province's shale formations, including the Duvernay, Montney and Muskwa, could contain 3,324 trillion cubic feet of natural gas, 58.6 billion barrels of gas liquids and 423.6 billion barrels of oil, according to the research, conducted by the Alberta Energy Resources Conservation Board and Alberta Geological Survey.
The numbers show Alberta has huge potential even beyond its oilsands. They are currently seen as the world's third-largest crude deposit with about 170 billion barrels of proven reserves and ultimate potential of as much as 1.7 trillion barrels.
The Duvernay and Montney have been the targets of a boom in energy deal-making, with companies such as EnCana Corp., Chevron Corp. and Talisman Energy Inc amassing land positions to unlock its liquids-rich reserves.
Last month, Exxon Mobil Corp. agreed to buy Celtic Exploration for $2.6 billion, locking up its reserves in both the Duvernay and Montney.
The companies have had success in accessing the previously tough-to-tap oil and reserves with horizontal drilling and hydraulic fracturing technology that had been developed in large scale for use in shale gas formations in the U.S. and Canada.
According to the ERCB/AGS study, the Duvernay, a formation that cuts across much of north-central Alberta, contains 443 trillion cubic feet of total gas in place, 11.3 billion barrels of natural gas liquids and 61.7 billion barrels of oil, at the midpoint of the estimates.
The Muskwa, located in Northwest-ern Alberta, has an estimated 419 trillion cubic feet of gas, 14.8 billion barrels of gas liquids and 115.1 billion barrels of oil.
The Montney, in Western Alberta, is also a major exploration area in neighbouring B.C. On the Alberta side, natural gas resources are estimated at 2,211 trillion cubic feet, gas liquids at 28.9 billion barrels and oil at 136.3 billion barrels.
Others, including the Basal Banff/Exshaw, North Nordegg and Wilrich formations, have preliminary estimates.
Read more: http://www.theprovince.com/technology/Immense+shale+resources+Alberta+Study/7510623/story.html#ixzz2BbDS5DTH
http://www.theprovince.com/business/Immense+shale+resources+Alberta+Study/7510623/story.html
A new study has identified immense oil and gas resources in Alberta's emerging shale prospects, suggesting a string of recent takeovers and land buys will yield impressive production gains for some of the world's largest oil companies.
The province's shale formations, including the Duvernay, Montney and Muskwa, could contain 3,324 trillion cubic feet of natural gas, 58.6 billion barrels of gas liquids and 423.6 billion barrels of oil, according to the research, conducted by the Alberta Energy Resources Conservation Board and Alberta Geological Survey.
The numbers show Alberta has huge potential even beyond its oilsands. They are currently seen as the world's third-largest crude deposit with about 170 billion barrels of proven reserves and ultimate potential of as much as 1.7 trillion barrels.
The Duvernay and Montney have been the targets of a boom in energy deal-making, with companies such as EnCana Corp., Chevron Corp. and Talisman Energy Inc amassing land positions to unlock its liquids-rich reserves.
Last month, Exxon Mobil Corp. agreed to buy Celtic Exploration for $2.6 billion, locking up its reserves in both the Duvernay and Montney.
The companies have had success in accessing the previously tough-to-tap oil and reserves with horizontal drilling and hydraulic fracturing technology that had been developed in large scale for use in shale gas formations in the U.S. and Canada.
According to the ERCB/AGS study, the Duvernay, a formation that cuts across much of north-central Alberta, contains 443 trillion cubic feet of total gas in place, 11.3 billion barrels of natural gas liquids and 61.7 billion barrels of oil, at the midpoint of the estimates.
The Muskwa, located in Northwest-ern Alberta, has an estimated 419 trillion cubic feet of gas, 14.8 billion barrels of gas liquids and 115.1 billion barrels of oil.
The Montney, in Western Alberta, is also a major exploration area in neighbouring B.C. On the Alberta side, natural gas resources are estimated at 2,211 trillion cubic feet, gas liquids at 28.9 billion barrels and oil at 136.3 billion barrels.
Others, including the Basal Banff/Exshaw, North Nordegg and Wilrich formations, have preliminary estimates.
Read more: http://www.theprovince.com/technology/Immense+shale+resources+Alberta+Study/7510623/story.html#ixzz2BbDS5DTH