| | | As well, oilsands production, once started, remains relatively stable for decades. It would take an even sharper drop in oil prices than we have seen in recent years for producers to shut in their production.
Steve Williams, Suncor’s president and CEO, says he expects the oilsands to still be producing in the next century or more. (David Thurton/ CBC)
"I do think that many of these assets have been built for 20- or a 40-year life, and I think they will produce to the end of their useful lives, said Jackie Forrest, director of research at the Arc Energy Research Institute. "The oilsands represents about three per cent of global supply. It's a major component of the oil market today and will continue to be so for a long time."
200 years of oilsands?
Steve Williams, the chief executive of Suncor, has said that his company will stay in the oilsands for 100 or 200 years, solving carbon technological problems as it goes.
"We will earn the right to be here for the next 100 or 200 years. We have an absolutely world-class resource that's been given to us Canadians," said Williams at an anniversary event in Fort McMurray. |
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