RE: WOW.!!! BIGGER THAN HIBERNIA (Quebec Shale)The total value is more than Hibernia....however, the last estimate I saw from Hibernia was 1.2 billion RECOVERABLE barrels of oil. Last time I was on there (a few years ago now), they were pulling about 220,000 barrels of oil per day out of the ground, filling up a tanker ship every few days. Really cool! They have a ticker screen in the cafeteria that says how many barrels they pulled out for the day. I got to read it while eating deep fried cod tongues! mmmmmmm
Quebec sitting on 5 billion equivalent barrels in place would have a recoverable amount similar to Hibernia's. Where are you getting your 25% recoverable figure from? I'm just curious if you have seen documentation giving Quebec shales a 25% recovery rate or if that's an estimation of yours.
A lot of the shale gas reports I have seen tend to quote less than that. Going off of memory, a podcast interview with Fred Rumak of Panterra mentioned majority of shale gas companies in North America are estimating recovery rates of 6-18%, and therefore using around 10-12% recovery rate is semi-conservative.