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Gold/Mining/Energy : Oil Sands and Related Stocks -- Ignore unavailable to you. Want to Upgrade?

To: Bearcatbob who wrote (21157)	6/3/2008 7:18:12 AM
From: johnlw	Read Replies (1) \| Respond to of 25575

Oilsands opposition increasing Production, technology will get greener with time, says ConocoPhillips VP Gordon Jaremko The Edmonton Journal Tuesday, June 03, 2008 EDMONTON - Environmental protests are heating up into a real political risk that oilsands exports to the United States will be disrupted, a Texas-based bitumen importer and developer said Monday. But serious setbacks for the Alberta industry are unlikely because production spurned in the U.S. would migrate to other countries where economic development still tops popular agendas, ConocoPhillips vice-president John Lowe said. "At this point we're proceeding full speed ahead," Lowe said in an interview after describing green traps closing in on American oil companies to the Edmonton Chamber of Commerce. As he delivered his address, the U.S. Environmental Integrity Project and Environmental Defence Canada circulated notices that they will release a "major new study" of growing American oilsands dependence at news conferences Wednesday in Washington, D.C. and Toronto. The report will prove more than half of five planned new U.S. refineries are "a major step backwards with staggering environmental consequences," the green groups promised. "The data will show U.S. refineries are placing a major bet on fuel sources that are dirtier to mine, process and refine," the protest organizations predicted. Oilsands extraction "releases considerably more greenhouse gases compared to conventional oil," added the invitation to a protest news event that includes international telephone hookups spanning Canada and the U.S. "There is a very well organized effort in the U.S. to block oilsands development," said Lowe. His Houston-based firm keeps tabs on the protests as a partner with EnCana Corp. in a multibillion-dollar program of expanding two bitumen projects and overhauling Texas and Illinois refineries to use growing Alberta output. After appearing as an industry witness at recent congressional energy hearings, Lowe reported it appears the only environmental voices being heard in Washington are hard-core protest groups as opposed to green moderates willing to work with industry on improving its record. The radical element also prevails in state politics, he added. He described California as especially "outrageous" but no surprise to American industry with attempts by state leaders to lead the U.S. pack by imposing an outright ban on imports with oilsands pedigrees as environmentally undesirable. "That's not unusual for California," Lowe said. "They are a huge consumer but don't want any development in their state." He landed in Edmonton as a Canadian stop in a roving communications program called conversation on energy that ConocoPhillips is holding to answer industry critics. After visits to 33 U.S. cities, the effort has expanded to Canada because the oil industry's reputation is challenged on both sides of the border, the company added. The campaign's message is that growing world demand, plus financial speculation that limited supplies might be politically disrupted, fuel current high energy prices, and green rejection of new oil sources threatens to tighten the economic squeeze on consumers. U.S. prices will increase further if Alberta exports are diverted to Asia via new oilsands pipeline projects between Edmonton and proposed northern British Columbia tanker terminals, Lowe predicted. Oilsands environmental standards can be significantly improved within about 10 years if protesters and politicians replace demands for immediate production bans with encouraging policies that grant industry time to adopt new methods of carbon waste disposal and water conservation, Lowe said. "We fully recognize the serious challenges posed by the oilsands in terms of their footprint on the land, air, water and carbon emissions," he said. "We believe technology holds the key to both maximizing development and solving these technologies." ConocoPhillips bitumen operations have made a start by doing engineering on carbon capture and storage facilities, increasing water recycling and making up to 50-per-cent cuts in the sizes of seismic exploration lines, well sites, roads and pipelines, Lowe said. gjaremko@thejournal.canwest.com © The Edmonton Journal 2008