{"id":56967,"date":"2021-03-03T11:52:05","date_gmt":"2021-03-03T16:52:05","guid":{"rendered":"https:\/\/olduvai.ca\/?p=56967"},"modified":"2021-03-03T21:23:50","modified_gmt":"2021-03-04T02:23:50","slug":"exxon-dumps-tar-sands-oil-sands-holdings-slashes-estimate-of-recoverable-reserve","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=56967","title":{"rendered":"Exxon Dumps Tar Sands\/Oil Sands Holdings, Slashes Estimate of Recoverable Reserve"},"content":{"rendered":"
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EXXON DUMPS TAR SANDS\/OIL SANDS HOLDINGS, SLASHES ESTIMATE OF RECOVERABLE RESERVES<\/a><\/h3>\n<\/div>\n<\/div>\n
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\"http:\/\/www.greenpeace.org\/canada\/en\/campaigns\/Energy\/tarsands\/\"<\/div>\n
Greenpeace \/ Jiri Rezac<\/span><\/div>\n<\/header>\n
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Colossal fossil ExxonMobil has dropped virtually all its tar sands\/oil sands holdings from its list of recoverable assets, and its Canadian subsidiary Imperial Oil followed suit by cutting a billion barrels of bitumen from its inventory, in what Bloomberg News calls a \u201csweeping revision of worldwide reserves to depths never before seen in the company\u2019s modern history\u201d.<\/p>\n

Exxon reduced its estimate of recoverable reserves to 15.2 billion barrels world-wide as of December 31, Bloomberg\u00a0reports<\/a>\u2014still a massive quantity, but far last than the 22.44 billion barrels it reported just a year ago. In the tar sands\/oil sands, \u201cthe company\u2019s reserves of the dense, heavy crude extracted from Western Canada\u2019s sandy bogs dropped by 98%,\u201d the news agency adds.<\/p>\n

On the same day, The Canadian Press\u00a0writes<\/a>, Imperial cut its estimate of its \u201cproved plus probable bitumen reserves\u201d to 4.46 billion barrels, down from 5.45 billion a year earlier.<\/p>\n

The two companies\u00a0previously announced<\/a>\u00a0write-offs of up to US$20 billion for Exxon and C$1.2 billion for Imperial.<\/p>\n

\u201cProved\u201d or \u201cproven\u201d reserves have a specific meaning in fossil industry financing\u2014in contrast to the total resource a company has discovered, proven reserves \u201crefer to the quantity of natural resources a company reasonably expects to extract from a given formation,\u201d Investopedia\u00a0explains<\/a>. To fit the definition, the resource must have \u201ca 90% or greater likelihood of being present and economically viable for extraction in current conditions.\u201d<\/p>\n

It\u2019s largely the deteriorating economic conditions the industry faces that led to Exxon\u2019s and Imperial\u2019s epic write-down this week.<\/p>\n

\u201cThe pandemic-driven price crash that rocked global energy markets was the main driver of Exxon\u2019s reserve downgrade, along with internal budget cuts that took out a significant portion of its U.S. shale assets,\u201d Bloomberg says. \u201cThe oilsands have historically been among the company\u2019s higher-cost operations, making them more vulnerable to removal when oil prices foundered.\u201d<\/p>\n

\u2026click on the above link to read the rest of the article\u2026<\/p>\n

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EXXON DUMPS TAR SANDS\/OIL SANDS HOLDINGS, SLASHES ESTIMATE OF RECOVERABLE RESERVES Greenpeace \/ Jiri Rezac Colossal fossil ExxonMobil has dropped virtually all its tar sands\/oil sands holdings from its list of recoverable assets, and its Canadian subsidiary Imperial Oil followed suit by cutting a billion barrels of bitumen from its inventory, in what Bloomberg News […]<\/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":[4390,1041,4523,781,30997],"class_list":["post-56967","post","type-post","status-publish","format-standard","hentry","category-energy-2","tag-exxon","tag-exxonmobil","tag-oil-sands","tag-tar-sands","tag-the-energy-mix"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/56967","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=56967"}],"version-history":[{"count":2,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/56967\/revisions"}],"predecessor-version":[{"id":56973,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/56967\/revisions\/56973"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=56967"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=56967"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=56967"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}