Thursday, February 14, 2008

Oil Profits up 28 Billions - Alberta Royalities down 21 billion.

Oil companies to record record profits of 28 billions of dollars while Alberta looses 21billion a year proping up these profits!
Reasoning follows:
Alberta Oil Sands important details Oil sands deposits contain approximately 1.7 trillion barrels of bitumen.
Approximately 10 % or 174 billion barrels are proven reserves that can be recovered using current technology.

Current economic limit for oil sand surface mining is approximately 80 meters which makes up 20 % of the proven reserves.Current oil sand production is approximately 1 million barrels per day, 1/2 is from surface mining.

1 million barrels per day at $100.00 per bbl US is 100 million dollars per day US.

1% start up rate returns 1 million dollars per day into royalty funds.

25% agreed production returns 25 million dollars per day in royalties.

19% Stelmach adjusted rate brings in 19 million dollars per day royalties.

Stelmach has moved 6 million dollars per day from Alberta Taxpayers into the hands of the Oil Companies while he is telling us he has found the “middle road” turning even more revenue into oil company’s profits.
John Clark
Post a Comment
Newer Post Older Post a> Home