Petroleum Oil Companies - Exploring New Vistas in Oil Sands
As the amount of crude oil wells is on decline and the price of petroleum products is increasing therefore the Petroleum Oil Companies have started looking for alternative ways for succoring oil from many other resources. The Oil Sands, which are also known as Tar sands, have found to be one of the richest sources of oil in the North American continent. Scientific studies have revealed that lot of the world’s oil problems could be tackled by extracting oil from these large tar sands reserves in Russia, Canada and USA.
The Sands Oil comprises of sand or clay, water and bitumen. The Bitumen is a very rare kind of thick oil and therefore it needs to be well treated before and only then oil can be extracted in a useful form. The Oil Company Canada is at the forefront of developing the technology that is required for hauling out oil from the tar sands. The largest deposits are in Athabasca, Canada with 870Gbbl of energy and Venezuela with 1200bbl in its Orinoco belt. Not many Oil Companies are successful in harvesting these oil sands.
Roughly calculated, these areas of the world have the deposits that are equal to world’s reserves of conventional crude oil. However only 5% of these reserves feasible for using as the finance and the amount of energy required for extracting the oil is so high that most of this process is rendered unprofitable. Also, the amount of greenhouse gas released in this process is high. Thus, it is significantly bad for environment.
The oil companies have several ways of extracting Oil sands. The surface mining is used in many places. This involves moving large amount of sands taking them to the refinery for the treatment purpose. This itself uses large power shovels and biggest dump trucks. Large amount of Oil Sands are required for finding enough bitumen to be converted to conventional crude oil by the oil companies. The MCW energy group has the innovative technology that uses less power and causes lesser carbon foot print for extracting oil from the oil sands.
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