Investing in Heavy Oil With CGCA
June 30th, 2009 at 6:01 am Posted by The Dean
Many countries in the world have large deposits of oil sands, including the United States, Russia, and various countries in the Middle East. However, the world’s largest deposits occur in two countries: Canada and Venezuela, both of which have oil sands reserves approximately equal to the world’s total reserves of conventional crude oil.
As a result of the development of Canadian oil sands reserves, 44% of Canadian oil production in 2007 was from oil sands, with an additional 18% being heavy oil, while light oil and condensate had declined to 38% of the total. Because growth of oil sands production has exceeded declines in conventional crude oil production, Canada has become the largest supplier of oil and refined products to the United States, ahead of Saudi Arabia and Mexico.
Oil sands may represent as much as two-thirds of the world’s total petroleum resource, with at least 1.7 trillion barrels (270×10^9 m3) in the Canadian Athabasca Oil Sands and perhaps 235 billion barrels (37×10^9 m3) of extra heavy crude in the Venezuelan Orinoco oil sands.[9] Between them, the Canadian and Venezuelan deposits contain about 3.6 trillion barrels (570×10^9 m3) of oil in place, compared to 1.75 trillion barrels (280×10^9 m3) of conventional oil worldwide, most of it in Saudi Arabia and other Middle-Eastern countries.
According to the Energy Information Administration, which is the official source of energy statistics from the United States government, 20,680 barrels of oil are consumer every day in the USA. It comes to more than 7.5 million barrels a year.
Cobra Oil & Gas (CGCA) is sitting on an estimated 1.1 billion barrels (in Utah alone!), more than enough to power the USA for 146 years.
i’m in for 17,600 shares so far thanks dean!