Sunday, April 29, 2007

Norway's Statoil on GHG emissions in the Oil Sands

Here is an interesting perspective from a European newcomer to the Oil Sands, Statoil a Norwegian oil company, which just acquired North American Oil Sands Corp. A Statoil executive said that last Thursday’s Greenhouse Gas emission targets were no surprise to them, and Vice President Peder Sortland further added: “When it comes to environmental issues we've seen this coming in Europe” and “To us, it was a surprise almost that it didn't come sooner”.

Statoil is planning on using Steam-Assisted Gravity Drainage (SAGD) technology to extract the bitumen from the ground, and it is considering creating an upgrader in Fort Saskatchewan. Statoil has used CO2 Sequestration technology at 3 existing operations and will likely use this technology for this oil sands operation.

Special thanks to Scott’s DiaTribes blog in bringing to light this perspective on this story.

I have never been a fan of too much foreign ownership of Canadian resources such as the Oil Sands, but I think we need this type of leadership to come into this industry wherever it may come from.

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