Statoil's announcement this week of a major oil find off Canada's Atlantic coast offers a refreshing reminder that new technology and high prices are helping uncover new oil supplies far beyond U.S. shale and the Alberta oil sands.
Statoil says its discovery in the deep-sea Bay du Nord may contain up to 600 million barrels of recoverable oil, making it the third-largest find in Atlantic Canada and rejuvenating hope for an offshore region that was forecast to be in decline for the next several decades.
Situated in an area known as the Flemish Pass basin, 500 kilometres (300 miles) off the coast of Newfoundland and Labrador, the discovery opens up a new frontier, one that oil majors Chevron and Royal Dutch Shell are also poised to probe.Peak oil? What peak oil? As regular readers know, The Oil Drum, a "peak oil" blog, threw in the towel this summer. It's last live post was this past week; the archives are still available to read.
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A Note To The Granddaughters
I am reading a most fascinating book: A Privileged Planet: How Our Place in the Cosmos is Designed for Discovery, by Guillermo Gonzalez and Jay Richards, c. 2004. The book talks about climate change and fossil fuels. Absolutely fascinating. I did not bring the copy with me this morning so I can't provide any direct quotes, but will do so at a later date. Suffice to say Richard Dawkins won't be recommending this book. I doubt he will even read it. If he does, I can already hear the arguments, but he would be missing the point.
How slow is the news today -- at least the news out of Washington? It can't get much worse than this -- is reporting that the White House will be cut to skeleton staff (just in time for Halloween) if there's a government shutdown -- and what's so bad about that, she asked.
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Well, it's crying time again:
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