Adding Significant Oil in Iraq, Brazil, Canada and the United States
Canada will be adding a little of 1 million barrels of oil per day from now to 2020. More could be added if oil prices stay strong.
Iraq oil production could increase by 9.5 million barrels of oil per day over the next six years.
Wider application of horizontal drilling
Canadian Oilsand
Economics coming into line for some projects
-Driven by stronger oil prices and lower costs
-Projects under construction:
•Imperial Kearl Lake
•Shell Jackpine and Shell upgrader including Quest CCS project
-Projects Re-activated
•Suncor Firebag Phases 3 and 4
•Devon Jackfish Phase 3 application in 2010
•Cenovus Christina Lake –application for phases E, F, G
•ConocoPhillips/Total –Surmount phase 2
•Husky/BP –Sunrise phase 1-Enhanced Oil/Tight Oil
•Technology enabled plays such as the Bakken, Cardium and Viking (multi-frac horizontal wells)
•Narrow Light/Heavy Differentials
-Good news for heavy oil projects
-Tough for stand alone upgraders in the short term
•Competing against existing capacity left empty by Venezuela and Mexico
Brian Wang is a Futurist Thought Leader and a popular Science blogger with 1 million readers per month. His blog Nextbigfuture.com is ranked #1 Science News Blog. It covers many disruptive technology and trends including Space, Robotics, Artificial Intelligence, Medicine, Anti-aging Biotechnology, and Nanotechnology.
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