RE:RE:RE:AB LARGEST GENERATING UNIT (NG): Shepard COMBINED CYCLE GTahh, the olden days
When PetroCanada was created, it was given 45% of Panarctic Oil,12% Syncrude and a piece of action on Polar Gas project (a pipeline project to bring gas down from the arctic). In just a short time, they accumulated lot of arctic gas. PC later raised its ownership to 53%
Panarctic began its exploration program with seismic work and then drilling in the Arctic Islands. By 1969 its Drake Point gas discovery was probably Canada's largest gas field. Over the next three years came other large gas fields in the islands. These and later discoveries established reserves of 18 TCF of dry, sweet natural gas. The company also discovered **oil - on the islands at Bent Horn and Cape Allison, offshore at Cisco and Skate.
A United States Geological Survey survey in 2008 estimated the Arctic region could contain approximately 240 billion barrels of BBOE of oil and oil-equivalent natural gas, “which is almost 10 per cent of the world’s known conventional petroleum resources.” ** lot of sweet light oil but because of true dough senior's National Energy Program, it forced Alberta to sell its oil to eastern canada at a lower price than world oil price, making high opcost panarctric oil uneconomic. The company ceased operation on Dec 15, 2000. Add to that, JT placed more restriction to arctic oil/gas exploration and development, it would be a while before explorer going back to untap the arctic resources. Not sure if SU still owns PC's oil/gas rights from Panarctic.
wreckhouse wrote: - Suncor Energy DEFINITELY NEEDS to BUY a LARGE natural gas PRODUCER
Would you believe that when Suncor took over Petro Canada they inherited a very large Nat/gas portfolio .
Low and behold gas wasn't worth much than and they sold it off !
Here we are in2024 and Suncor is building a 900M/w co/gen plant at base plant .
So ask yourself this ( who is suppling Suncor with their nat/gas ) They do recover some from operations but who fills the gap ? BCRNW