STOP: Stop Tar Sands Operations Permanently

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Pinch Points in the tar sands

Posted by mhudema on June 19, 2008

Oil-Sands Projects Slowed by Scrutiny, Group Says (Update1)

By Ian McKinnon

June 18 (Bloomberg) — Labor shortages and increased regulatory scrutiny are slowing development of Alberta’s oil sands, home to the largest reserves outside the Middle East, Canada’s largest producer group said.

The country’s daily production is estimated to reach about 4.47 million barrels a day by 2020, or 5.7 percent below last year’s estimate, the Canadian Association of Petroleum Producers said today in a statement. The Calgary-based group predicted 4.74 million barrels in 2007.

Questions about Alberta oil-sands royalties and federal rules on capturing carbon dioxide, a gas linked to global warming, are also lengthening schedules, Greg Stringham, a vice president at the lobby group, said today in Calgary.

Project sponsors “are making the $1 billion decisions, they just need a little more certainty to make the $10 billion decisions,” Stringham told reporters at an energy conference. “The ultimate potential for the oil sands remains unchanged, it just means we’re going to take longer to get there.”

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