Insight and inspiration in turbulent times.
Natural gas volumes needed to help the oil industry unlock Canada’s vast oil sands are expected to nearly triple in the next decade, just as production is waning and prices are surging, the country’s energy regulator said Thursday.
Northern Alberta’s oilsands are expected to more than double production to 2.2 million barrels per day by 2015 and boost Canada’s standing as a major oil producer, but it will likely do little to meet the world’s growing energy demands.
Suncor Energy Inc., the second- largest oil-sands miner in the world, said first-quarter net income fell 38 percent after the company paid more royalties to the Alberta government. The company also said it will stop hedging oil-production.
Predictions of imminent oil shortages have been made throughout the 20th century. Although all previous predictions have been false, in recent years a new generation of predictions based on the Hubbert model have become ascendant and attracted media attention.
