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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
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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
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3 Billions of barrels of oil Source: Oil & Gas Journal Global Crude Reserves
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5 Competitive advantage No exploration costs High recovery rates Competitive fiscal regimes Secure connection to North American markets
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6 Projected Oil Sands Production Millions of barrels per day Source:CAPP, RIWG, Alberta Chamber of Resources 5 million +
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7 Challenges Controlling operating costs Controlling capital costs Environmental impacts Connecting to consumers
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8 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
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9 Capital Costs US$35 billion planned in next five years Industry working together Huge scale Huge demands…materials, services, infrastructure and workforce
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10 Environmental Issues Must manage impacts to air, land and water Technology – again – is key Progress is being made
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11 Connecting to Consumers Connected to more than 70 refining operations New pipeline extensions to provide new markets Modifications to refinery capabilities
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12 Unparalleled Success
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13 Conclusion – Three C’s “Challenge” the conventional wisdom “Conserve” energy “Collaborate” on new ideas
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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
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