North to Canada, Bakken.com is reporting:
The Canadian oil industry is associated mostly with the bitumen recovered from reserves such as the Alberta tar sands, but recent data from the National Energy Board (NEB) and the Northwest Territories Geological Survey has revealed a shale oil reserve that could rival the Bakken formation.
The massive, untapped oil reserve could hold upwards of 200 billion barrels of shale oil. Of these reserves, though, officials predict that with current technology approximately 7 billion barrels of oil could be recovered economically. For comparison, the U.S. Geological Survey estimates that the Bakken shale formation could produce around 7.4 billion barrels.
The area, located in the Northwest Territories, is north of British Columbia and east of the Yukon 90 miles south of the Arctic Circle. One of the formations, known as the Canol field, is already being explored by several major oil producers such as Royal Dutch Shell and ConocoPhillips.
There have been 14 exploration licenses granted with $628 million in commitments. The Canol field is estimated to hold up to 145 billion barrels of oil. The other formation, the Bluefish field, has yet to be explored but is estimated to contain as much as 46 billion barrels of oil.
Tapping this massive resource is likely a long ways off, though. The remote area lacks basic, necessary infrastructure such as all-season roads, and a pipeline system would need to be built to transport the recovered oil and gas to market.Tagged: Canol-Bluefish.
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