{"id":28285,"date":"2017-11-25T11:23:44","date_gmt":"2017-11-25T16:23:44","guid":{"rendered":"http:\/\/olduvai.ca\/?p=28285"},"modified":"2017-11-25T11:23:44","modified_gmt":"2017-11-25T16:23:44","slug":"oil-major-70-of-crude-can-be-left-in-the-ground","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=28285","title":{"rendered":"Oil Major: 70% Of Crude Can Be Left In The Ground"},"content":{"rendered":"

Oil Major: 70% Of Crude Can Be Left In The Ground<\/a><\/h3>\n\"Oil\"<\/picture>\n
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Canada\u2019s oil sands are too dirty to be produced, and should probably stay in the ground.<\/p>\n

That has long been the sentiment of environmental groups, but it is also gaining acceptance even among some of the largest oil companies in the world.<\/p>\n

\u201cA lot of fossil fuels will have to stay in the ground, coal obviously \u2026 but you will also see oil and gas being left in the ground, that is natural,\u201d Statoil\u2019s CEO Eldar Saetre told Reuters<\/a> in an interview. \u201cAt Statoil we are not pursuing certain types of resources, we are not exploring for heavy oil or investing in oilsands. It is really about accessing the most carbon-efficient barrels.\u201d<\/p>\n

Meanwhile, Statoil is under pressure at home on another front: its Arctic wells in the Barents Sea have come up dry, capping off a highly disappointing drilling season.<\/p>\n

If heavy oil and oil sands are to be left unproduced, then a lot of oil will need to stay in the ground. According to the USGS, about 70 percent of the world\u2019s discovered oil reserves are in the form of heavy oil and bitumen. Much of that comes from Venezuela \u2013 one of the last places in the world that an oil company wants to do business in these days \u2013 and Canada.<\/p>\n

Last year, Statoil abandoned Canada\u2019s oil sands, selling off its assets to Athabasca Oil Corp. But Statoil is hardly alone in the exodus. ConocoPhillips unloaded<\/a> a whopping $13.3 billion of oil sands assets to Cenovus Energy earlier this year. Shell sold off<\/a> $4.1 billion in oil sands assets to Canadian Natural Resources. Meanwhile, ExxonMobil wrote off<\/a> 3.5 billion barrels of oil sands from its book in February, admitting that they were unviable in today\u2019s market.<\/p>\n

…click on the above link to read the rest of the article…<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Oil Major: 70% Of Crude Can Be Left In The Ground Canada\u2019s oil sands are too dirty to be produced, and should probably stay in the ground. That has long been the sentiment of environmental groups, but it is also gaining acceptance even among some of the largest oil companies in the world. \u201cA lot […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[3],"tags":[103,6010,4523,5332,683,2515],"class_list":["post-28285","post","type-post","status-publish","format-standard","hentry","category-energy-2","tag-canada","tag-nick-cunningham","tag-oil-sands","tag-oilprice-com","tag-reuters","tag-statoil"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/28285","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=28285"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/28285\/revisions"}],"predecessor-version":[{"id":28286,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/28285\/revisions\/28286"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=28285"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=28285"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=28285"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}