Oil Sands Technology Past, Present, and Future
Total Page:16
File Type:pdf, Size:1020Kb
Load more
Recommended publications
-
Cenovus Reports Second-Quarter 2020 Results Company Captures Value by Leveraging Flexibility of Its Operations Calgary, Alberta (July 23, 2020) – Cenovus Energy Inc
Cenovus reports second-quarter 2020 results Company captures value by leveraging flexibility of its operations Calgary, Alberta (July 23, 2020) – Cenovus Energy Inc. (TSX: CVE) (NYSE: CVE) remained focused on financial resilience in the second quarter of 2020 and used the flexibility of its assets and marketing strategy to adapt quickly to the changing external environment. This positioned the company to weather the sharp decline in benchmark crude oil prices in April by reducing volumes at its oil sands operations and storing the mobilized oil in its reservoirs for production in an improved price environment. While Cenovus’s financial results were impacted by the weak prices early in the quarter, the company captured value by quickly ramping up production when Western Canadian Select (WCS) prices increased almost tenfold from April to an average of C$46.03 per barrel (bbl) in June. As a result of this decision, Cenovus reached record volumes at its Christina Lake oil sands project in June and achieved free funds flow for the month of more than $290 million. “We view the second quarter as a period of transition, with April as the low point of the downturn and the first signs of recovery taking hold in May and June,” said Alex Pourbaix, Cenovus President & Chief Executive Officer. “That said, we expect the commodity price environment to remain volatile for some time. We believe the flexibility of our assets and our low cost structure position us to withstand a continued period of low prices if necessary. And we’re ready to play a significant -
Oil Shale and Tar Sands
Fundamentals of Materials for Energy and Environmental Sustainability Editors David S. Ginley and David Cahen Oil shale and tar sands James W. Bunger 11 JWBA, Inc., Energy Technology and Engineering, Salt Lake City, UT, USA 11.1 Focus 11.2 Synopsis Tar sands and oil shale are “uncon- Oil shale and tar sands occur in dozens of countries around the world. With in-place ventional” oil resources. Unconven- resources totaling at least 4 trillion barrels (bbl), they exceed the world's remaining tional oil resources are characterized petroleum reserves, which are probably less than 2 trillion bbl. As petroleum becomes by their solid, or near-solid, state harder to produce, oil shale and tar sands are finding economic and thermodynamic under reservoir conditions, which parity with petroleum. Thermodynamic parity, e.g., similarity in the energy cost requires new, and sometimes of producing energy, is a key indicator of economic competitiveness. unproven, technology for their Oil is being produced on a large commercial scale by Canada from tar sands, recovery. For tar sands the hydrocar- and to a lesser extent by Venezuela. The USA now imports well over 2 million barrels bon is a highly viscous bitumen; for of oil per day from Canada, the majority of which is produced from tar sands. oil shale, it is a solid hydrocarbon Production of oil from oil shale is occurring in Estonia, China, and Brazil albeit on called “kerogen.” Unconventional smaller scales. Importantly, the USA is the largest holder of oil-shale resources. oil resources are found in greater For that reason alone, and because of the growing need for imports in the USA, quantities than conventional petrol- oil shale will receive greater development attention as petroleum supplies dwindle. -
Cenovus Energy Inc. (CVE) – Quality and Growth for the Patient Investor
Portfolio Advisory Group Cenovus Energy Inc. (CVE) – Quality and Growth For The Patient Investor Cenovus was created through the split of Calgary-based Primer on the Oil Sands and energy company EnCana into two separate organizations in late 2009. As a result of this split, many Canadian Steam-Assisted-Gravity-Drainage investors found themselves holding two very different (SAGD) investments: a pure-play natural gas company (EnCana) Including the oil sands, Canada’s oil reserves are the and an integrated oil & gas company (Cenovus). This second largest in the world. Oil sands are composed document aims to provide some insight into the nature primarily of sand, clay, bitumen and water. Bitumen and long-term potential of Cenovus. is the product of oil sands production – a thick oil Cenovus owns oil sands projects that have a tremendous embedded in sand. growth profile over the next decade and are widely Recovery of bitumen is typically achieved by one of viewed as some of the highest-quality assets in the two methods: mining in open pits or drilling. Bitumen industry. However, since inception, the shares of extraction using drilling is referred to as in situ recovery, Cenovus have largely traded within a range. One reason and is generally used for reservoirs that are too deep for is that the company has made a trade-off between near- surface mining techniques to work economically. It is term and future production by drawing cash flows from estimated that approximately 80% of the total bitumen its natural gas business to fund growth in its oil sands recoverable in Alberta can only be produced with in business. -
Husky Energy and BP Announce Integrated Oil Sands Joint Development
December 5, 2007 For immediate release Husky Energy and BP Announce Integrated Oil Sands Joint Development CALGARY, Alberta – Husky Energy Inc is pleased to announce that an agreement has been reached with BP to create an integrated, North American oil sands business consisting of pre-eminent upstream and downstream assets. The development will be comprised of two joint 50/50 partnerships, a Canadian oil sands partnership to be operated by Husky and a U.S. refining LLC to be operated by BP. Husky and BP will each contribute assets of equal value to the business. Husky will contribute its Sunrise asset located in the Athabasca oil sands in northeast Alberta, Canada and BP will contribute its Toledo refinery located in Ohio, USA. The transaction, which is subject to the execution of final definitive agreements and regulatory approval, is expected to close in the first quarter of 2008 and with effective date January 1, 2008. "This transaction completes Husky’s Sunrise Oil Sands total integration with respect to upstream and downstream solutions," said Mr. John C.S. Lau, President & Chief Executive Officer of Husky Energy Inc. “Husky is extremely pleased to be partnering with BP, a world class global E & P and Refining company. The joint venture will provide better monitoring of project execution, costs and completion timing for this mega project development.” “Toledo and Sunrise are excellent assets. BP’s move into oil sands with Husky is an opportunity to build a strategic, material position and the huge potential of Sunrise is the ideal entry point for BP into Canadian oil sands.” said Tony Hayward, BP’s group chief executive. -
Athabasca Oil Sands Project Acquisition March 9, 2017
Athabasca Oil Sands Project Acquisition March 9, 2017 ATHABASCA OIL SANDS PROJECT ACQUISITION March 9, 2017 PREMIUM VALUE. DEFINED GROWTH. INDEPENDENT. Agenda • Transaction ‒Significant Opportunity ‒Overview & Metrics ‒Operational Impact • Asset Overview ‒Summary & Upside Opportunities ‒Mines ‒Upgrader ‒Infrastructure Pipelines ‒Quest Carbon, Capture, & Storage (“CCS”) ‒Other Oil Sands Assets • Opportunities to Create Value • Finance ‒Summary of Financial Impact ‒Financing Plan • Conclusion CNQ 2 1 Athabasca Oil Sands Project Acquisition March 9, 2017 Forward Looking Statements Certain statements relating to Canadian Natural Resources Limited (the “Company”) in this document or documents incorporated herein by reference constitute forward-looking statements or information (collectively referred to herein as “forward-looking statements”) within the meaning of applicable securities legislation. Forward-looking statements can be identified by the words “believe”, “anticipate”, “expect”, “plan”, “estimate”, “target”, “continue”, “could”, “intend”, “may”, “potential”, “predict”, “should”, “will”, “objective”, “project”, “forecast”, “goal”, “guidance”, “outlook”, “effort”, “seeks”, “schedule”, “proposed” or expressions of a similar nature suggesting future outcome or statements regarding an outlook. Disclosure related to expected future commodity pricing, forecast or anticipated production volumes, royalties, operating costs, capital expenditures, income tax expenses and other guidance provided, constitute forward-looking statements. Disclosure -
Future Supply of Oil and Gas from the Gulf of Mexico
Future Supply of Oil and Gas From the Gulf of Mexico U.S. GEOLOGICAL SUltyEY PROFESSIONAL PAPER 1294 Future Supply of Oil and Gas From the Gulf of Mexico By E. D. Attanasi and]. L. Haynes U.S. GEOLOGICAL SURVEY PROFESSIONAL PAPER 1294 An engineering-economic costing algorithm combined with a discovery process model to forecast long-run incremental costs of undiscovered oil and gas UNITED STATES GOVERNMENT PRINTING OFFICE, WASHINGTON : 1983 UNITED STATES DEPARTMENT OF THE INTERIOR JAMES G. WATT, Secretary GEOLOGICAL SURVEY Dallas L. Peck, Director Library of Congress Cataloging in Publication Data Attanasi, E. D. Future supply of oil and gas from the Gulf of Mexico. (U.S. Geological Survey professional paper ; 1294) Bibliography: p. 1. Petroleum in submerged lands Mexico, Gulf of. 2. Gas, Natural, in submerged lands Mexico, Gulf of. I. Haynes, J. (John), 1954- . II. Title. III. Series: Geological Survey professional paper ; 1294. TN872.A5A87 1983 553.2'8'0916364 83-600030 ____ ____________ For sale by the Superintendent of Documents, U.S. Government Printing Office Washington, D.C. 20402 CONTENTS Page Abstract 1 Introduction 1 Engineering-economic model 3 Methodology 3 Engineering data and assumptions 5 Field classification 5 Field design 6 Production schedules of oil and nonassociated gas wells 7 Economic assumptions and variables 8 Field development costs 8 Production costs and production related taxes 9 Assumptions for after-tax net present value calculations 10 Exploration costs 10 Industry behavior and market conditions 10 Forecasting future discoveries 11 Discovery process model 11 Estimated marginal cost functions for undiscovered recoverable oil and gas resources in the Gulf of Mexico 12 Conclusions and implications 16 References cited 16 Appendix A 17 Appendix B 20 ILLUSTRATIONS FIGURE 1. -
Deep Borehole Placement of Radioactive Wastes a Feasibility Study
DEEP BOREHOLE PLACEMENT OF RADIOACTIVE WASTES A FEASIBILITY STUDY Bernt S. Aadnøy & Maurice B. Dusseault Executive Summary Deep Borehole Placement (DBP) of modest amounts of high-level radioactive wastes from a research reactor is a viable option for Norway. The proposed approach is an array of large- diameter (600-750 mm) boreholes drilled at a slight inclination, 10° from vertical and outward from a central surface working site, to space 400-600 mm diameter waste canisters far apart to avoid any interactions such as significant thermal impacts on the rock mass. We believe a depth of 1 km, with waste canisters limited to the bottom 200-300 m, will provide adequate security and isolation indefinitely, provided the site is fully qualified and meets a set of geological and social criteria that will be more clearly defined during planning. The DBP design is flexible and modular: holes can be deeper, more or less widely spaced, at lesser inclinations, and so on. This modularity and flexibility allow the principles of Adaptive Management to be used throughout the site selection, development, and isolation process to achieve the desired goals. A DBP repository will be in a highly competent, low-porosity and low-permeability rock mass such as a granitoid body (crystalline rock), a dense non-reactive shale (chloritic or illitic), or a tight sandstone. The rock matrix should be close to impermeable, and the natural fractures and bedding planes tight and widely spaced. For boreholes, we recommend avoiding any substance of questionable long-term geochemical stability; hence, we recommend that surface casings (to 200 m) be reinforced polymer rather than steel, and that the casing is sustained in the rock mass with an agent other than standard cement. -
Q4 News Release
Q4 News Release Calgary, February 2, 2021 TSE: IMO, NYSE American: IMO Imperial announces fourth quarter 2020 financial and operating results Fourth quarter net loss of $1,146 million, which includes a non-cash impairment charge of $1,171 million Cash generated from operations in the fourth quarter of $316 million, which includes unfavourable working capital effects of $218 million Highest quarterly upstream production in 30 years, driven by record production at Kearl Exceeded full-year cost reduction targets, with production and manufacturing expenses down $985 million from 2019, representing a savings of 15 percent compared to 2019 Full-year capital expenditures of $874 million, in line with the company’s most recent guidance, and less than half of 2019 expenditures Maintained dividend throughout the year, returning over $900 million to shareholders through dividends and share purchases in 2020 Fourth quarter Twelve months millions of Canadian dollars, unless noted 2020 2019 ∆I 2020 2019 ∆I Net income (loss) (U.S. GAAP) (1,146) 271 -1,417 (1,857) 2,200 -4,057 Net income (loss) per common share, assuming dilution (dollars) (1.56) 0.36 -1.92 (2.53) 2.88 -5.41 Capital and exploration expenditures 195 414 -219 874 1,814 -940 “The past year has proved an exceptionally challenging one, not only for the company and our employees, but society at-large,” said Brad Corson, chairman, president and chief executive officer. “Against significant headwinds, Imperial’s operational performance and cost management efforts have exceeded expectations. We set aggressive targets for capital and expense reductions in the first quarter of 2020, and we surpassed those targets. -
MINES and MINERALS Exploration and Development Continued Not
538 MINES AND MINERALS Exploration and development continued not only unabated but accelerated. During 1948 rotary bits drilled 1,663,687 ft. into the earth compared with 882,358 ft. in 1947 and 401,920 ft. in 1946. At the end of the year, 65 exploration parties were carrying out operations, most of them north of the North Saskatchewan River. The 1948 revenue to Alberta crude oil producers amounted to $35,127,751 as compared with $18,078,907 in 1947. Early in 1949, the capacity of the Alberta refinery, estimated at 35,250 bbl. daily, was found to be insufficient to handle the average daily production of crude oil, not including natural gasoline, which was 50,673 bbl. at May 1, 1949. To remedy the situation a pipeline with a capacity of 40,000 bbl. daily is being constructed from Edmonton to the Head of the Lakes. The following table gives production by fields in 1948. 24.—Production of Alberta Oil Fields, 1948 NOTE.—Figures for total production of petroleum for 1922-46 are given at p. 473 of the 1947 Year Book' and production in the different fields for 1947 at p. 477 of the 1948-49 edition. Field Quantity Field Quantity bbl. bbl. 4,900,739 112,331 4,657,371 36,8751 648,055 17,131 Taber 201,527 30,215 189,712 179,627 Totals 10,973,583 1 Three months. The Tar Sands and Bituminous Developments*—Alberta, in its bituminous sands deposit at McMurray, has the greatest known oil reserve on the face of the earth. -
Carbon Dioxide Enhanced Oil Recovery (CO2 EOR)
Carbon Dioxide Enhanced Oil Recovery (CO2 EOR): Factors Involved in Adding Carbon Capture, Utilization and Storage (CCUS) to Enhanced Oil Recovery L. Stephen Melzer CO2 Consultant and Annual CO2 Flooding Conference Director Midland, TX February 2012 Carbon Dioxide Enhanced Oil Recovery (CO2 EOR): Factors Involved in Adding Carbon Capture, Utilization and Storage (CCUS) to Enhanced Oil Recovery Table of Contents I. Introduction II. The Background and Fundamentals of Oil Production and CO2 EOR a. Primary Production Phase b. Secondary Production Phase c. Tertiary Phase III. Current and Projected Flooding CO2 EOR Activity In the U.S. & Permian Basin a. Long-Term Nature of The Industry b. U.S. Project Planning Underway IV. The Effectiveness of CO2 Storage in an EOR Project V. Monitoring CO2 Within The Reservoir: Existing Practices VI. CCUS: Incremental Requirements VII. CO2 Recycle, Reservoir Retention, and CO2 ‘Losses’ During EOR: The Metrics and Experience Base a. Purchases and Recycle Volumes b. CO2 Retention c. CO2 Losses During EOR: Causes and the Experience Base VIII. How to Move Forward? The Urgency and Areas for Caution a. Storage Frameworks b. Recommended Action References FIGURES AND TABLES Figure 1: Number of CO2 EOR Projects (Worldwide, U.S. and Permian Basin) Figure 2: U.S. CO2 EOR Projects, Supply Sources and Pipelines Figure 3: CO2 EOR Production (U.S. and Permian Basin, 1992-2010) Table 1: Basin Scale Criteria for Storage Figure 4: Crossectional Representation of the Various Types of Geologic Basins Table 2: Reservoir Surveillance Tools Commonly Used in CO2 EOR Figure 5: CO2 Flood Surveillance vs. CCUS Monitoring, Measurement and Verification Figure 6: Example CO2 Purchase vs. -
Imperial Standard: Imperial Oil, Exxon, and the Canadian Oil Industry from 1880
University of Calgary PRISM: University of Calgary's Digital Repository University of Calgary Press University of Calgary Press Open Access Books 2019-04 Imperial Standard: Imperial Oil, Exxon, and the Canadian Oil Industry from 1880 Taylor, Graham D. University of Calgary Press Taylor, G. D. (2019). Imperial Standard: Imperial Oil, Exxon, and the Canadian Oil Industry from 1880. "University of Calgary Press". http://hdl.handle.net/1880/110195 book https://creativecommons.org/licenses/by-nc-nd/4.0 Downloaded from PRISM: https://prism.ucalgary.ca IMPERIAL STANDARD: Imperial Oil, Exxon, and the Canadian Oil Industry from 1880 Graham D. Taylor ISBN 978-1-77385-036-8 THIS BOOK IS AN OPEN ACCESS E-BOOK. It is an electronic version of a book that can be purchased in physical form through any bookseller or on-line retailer, or from our distributors. Please support this open access publication by requesting that your university purchase a print copy of this book, or by purchasing a copy yourself. If you have any questions, please contact us at [email protected] Cover Art: The artwork on the cover of this book is not open access and falls under traditional copyright provisions; it cannot be reproduced in any way without written permission of the artists and their agents. The cover can be displayed as a complete cover image for the purposes of publicizing this work, but the artwork cannot be extracted from the context of the cover of this specific work without breaching the artist’s copyright. COPYRIGHT NOTICE: This open-access work is published under a Creative Commons licence. -
Petroleum Engineering (PETE) | 1
Petroleum Engineering (PETE) | 1 PETE 3307 Reservoir Engineering I PETROLEUM ENGINEERING Fundamental properties of reservoir formations and fluids including reservoir volumetric, reservoir statics and dynamics. Analysis of Darcy's (PETE) law and the mechanics of single and multiphase fluid flow through reservoir rock, capillary phenomena, material balance, and reservoir drive PETE 3101 Drilling Engineering I Lab mechanisms. Preparation, testing and control of rotary drilling fluid systems. API Prerequisites: PETE 3310 and PETE 3311 recommended diagnostic testing of drilling fluids for measuring the PETE 3310 Res Rock & Fluid Properties physical properties of drilling fluids, cements and additives. A laboratory Introduction to basic reservoir rock and fluid properties and the study of the functions and applications of drilling and well completion interaction between rocks and fluids in a reservoir. The course is divided fluids. Learning the rig floor simulator for drilling operations that virtually into three sections: rock properties, rock and fluid properties (interaction resembles the drilling and well control exercises. between rock and fluids), and fluid properties. The rock properties Corequisites: PETE 3301 introduce the concepts of, Lithology of Reservoirs, Porosity and PETE 3110 Res Rock & Fluid Propert Lab Permeability of Rocks, Darcy's Law, and Distribution of Rock Properties. Experimental study of oil reservoir rocks and fluids and their interrelation While the Rock and Fluid Properties Section covers the concepts of, applied