PW : Canada vs Venezuela
The expansion of the Canada's Keystone Pipeline to transport heavy oil crudes from the Athabasca Oil Sands in northeastern Alberta , Canada to refineries in Illinois and Oklahoma , and further to the U.S. Gulf Coast, will eliminate eventually the need for the U.S. to import Venezuelan crude oil.
The following text has been taken from experts testimony before U.S. House of Representatives, Committee on Foreign Affairs, Subcommittee on the Western Hemisphere, Hearing on Rising Oil Prices and Dependence on Hostile Regimes: The Urgent Case for Canadian Oil; on March 31, 2011.
We asked Turner Mason and Company, a highly respected petroleum and refining consulting firm out of Dallas, to give us their perspective on this issue as well. Turner Mason estimates that total Canadian crude production will increase by over 400,000 thousand barrels/day (or 17%) in the next five years and by almost 1.1 million barrels/day (or 42%) in the next 10 years. This increase alone represents almost 50% of our expected Venezuelan crude imports in five years and 100% in the next 10 years. In addition, Turner Mason's assessment of economically recoverable unconventional oil shows Canada exceeding the reserves of Saudi Arabia.
Venezuela would have to send its heavy oil to other less important markets with a big discount due to its less than optimum crude quality and Lt. Commander Chavez might like the idea on its imperialist band wagon, but the impact will be very big to Venezuela.
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Petroleumworld News 05/02/2011
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