RE:RE:Montney formationAs mentioned before, Exxon might be exiting but the existing projects are still there and will still need condensate. Not to mention that condensate can be sold to refineries for use in other blending processes. Ruudin this is bad for XOM holders not BBI.
RuudinFrance wrote: I know that many people do not like this news, but here is Oilprice again:
- ExxonMobil (NYSE: XOM) just announced a downward revision in its oil reserves, removing 3.5 billion barrels of reserves from its books. Exxon’s entire Kearl oil sands, a $16 billion project, was scrapped. ConocoPhillips (NYSE: COP) also removed 1.15 billion barrels of Canadian oil sands from its total reserves. - Canada’s oil sands are some of the costliest to produce in the world, with many operations resembling complex expensive open-pit mining operations rather than conventional oil drilling. - Worse, because of quality and transportation issues, Canadian heavy oil sells for lower prices than U.S. WTI. - That has made Alberta an undesirable place for many international companies looking to cut costs. - The value of the oil removed from Exxon and Conoco are worth a combined$183 billion. If oil prices do not substantially rise, these reserves will never be produced. That’s it for this week’s Numbers Report. Thanks for reading, and we’ll see you next week.
In case the big boys don't like the heavy oil from sands anymore, they have no need for our condensate and NGL's. I'm not really worried about BBI, but don't keep your eyes shut for reality. Maybe drilling a bit more eastwards will do the trick, more oil, less gas.