|
Substantial opportunities exist to further develop our extensive resource base.
On average less than 27 per cent of the conventional oil in place is being recovered today. But new technologies, including the use of carbon dioxide (CO2) injection, promise to significantly increase the proportion recovered to more than 40 per cent while also reducing environmental impacts.
It is estimated that each one-per-cent gain in recovery amounts to about 600 million barrels of oil, and an additional $40 billion to our Gross Domestic Product (GDP), along with 100,000 jobs and almost $3 billion in additional government revenues. (see Petroleum Technology Alliance Canada report, Spudding Innovation, October, 2003)
Similarly, through a renewed commitment to R&D, we may increase recovery of conventional gas in place from less than 60 per cent at present to over 70 per cent. Each one-per-cent gain in gas recovery translates into an extra 2.6 trillion cubic feet (Tcf) of natural gas, additions to GDP of over $20 billion and to government revenues in excess of $1.6 billion (see Spudding Innovation)
There is also tremendous potential for unconventional gas from coal beds (called natural gas from coal or coalbed methane or CBM) and from tight geological formations holding gas.
Estimates of recoverable unconventional gas are similar to those for ultimate potential reserves of conventional gas (about 200 Tcf). This doesn't include the sizeable potential for gas from the application of clean coal technologies or from the development of bioenergy.
If clean and efficient technologies are developed for in situ recovery, separation and upgrading of the oil sands, the potential benefits increase even more. Along with the direct environmental and economic benefits, new technologies present opportunities to develop alternative petrochemical feedstocks, integrate CO2 capture and use (for enhanced oil recovery), integrate recovery, hydrogen production and upgrading, and generate electricity as a byproduct.
There are also 620 billion tonnes of recoverable coal resources in Alberta alone. There are very large opportunities associated with the development and use of clean coal technologies to produce electricity and a range of valuable byproducts such as synthetic gas, hydrogen, and chemicals. |
|
“The ISEEE initiative ties right to the strengths of this part of the county and to the energy capital of the country.
Gwyn Morgan,
Vice-Chairman,
EnCana Corp.
|
