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Blunting the peak – oil sands supply and peak oil

Blunting the peak – oil sands supply and peak oil . Mike Ashar Executive Vice President Suncor Energy Association for the Study of Peak Oil and Gas Denver World Oil Conference November 10, 2005 Denver, CO. Suncor Energy at a Glance. Integrated energy company with more than 4,500 employees

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Blunting the peak – oil sands supply and peak oil

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  1. Blunting the peak –oil sands supply and peak oil Mike AsharExecutive Vice President Suncor Energy Association for the Study of Peak Oil and Gas Denver World Oil Conference November 10, 2005 Denver, CO

  2. Suncor Energy at a Glance • Integrated energy company with more than 4,500 employees • Crude oil production capacity of 260,000 barrels/day • Refining capacity of 160,000 barrels/day • Conventional natural gas • Renewable energy

  3. Global Crude Reserves Billions of barrels of oil Source: Oil & Gas Journal

  4. Competitive advantage • No exploration costs • High recovery rates • Competitive fiscal regimes • Secure connection toNorth American markets

  5. Projected Oil Sands Production Millions of barrels per day 5 million + Source:CAPP, RIWG, Alberta Chamber of Resources

  6. Challenges • Controlling operating costs • Controlling capital costs • Environmental impacts • Connecting to consumers

  7. Operating Costs • Industry average about US$20 for upgraded product • Constant cost pressure • Natural gas a major cost risk • Technology being used to drive down costs, drive up energy efficiency

  8. Capital Costs • US$35 billion planned in next five years • Industry working together • Huge scale • Huge demands…materials, services, infrastructure and workforce

  9. Environmental Issues • Must manage impacts to air, land and water • Technology – again – is key • Progress is being made

  10. Connecting to Consumers • Connected to more than 70 refining operations • New pipeline extensions to provide new markets • Modifications to refinery capabilities

  11. Unparalleled Success

  12. Conclusion – Three C’s • “Challenge” the conventional wisdom • “Conserve” energy • “Collaborate” on new ideas

  13. Blunting the peak –oil sands supply and peak oil Mike AsharExecutive Vice President Suncor Energy Association for the Study of Peak Oil and Gas Denver World Oil Conference November 10, 2005 Denver, CO

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