Industry Perspectives on Oil and Gas Development in Canadas Arctic: Opportunities and Challenges Paul Barnes, Manager - Atlantic Canada & Arctic Presentation to Nunavut Oil and Gas Summit Iqaluit, Nunavut January 13, 2015 1
Presentation Outline Context Energy demand Industry benefits and capital spending Overview of offshore oil and gas activity in Canadas Arctic Overcoming challenges through R&D and engagement Way forward for responsible…
Global Primary Energy Demand million tonnes oil equivalent 20 000 Energy Population growth Other Renewables Bioenergy Demand Standard of living 18 000 Hydro Nuclear Growth 16 000 Natural Gas Oil 14 000 Coal Ongoing high…
A Decade Makes a Difference - North American Perspective Then Now 60-year supply and falling 100+ years supply and growing Shale known but uneconomic to Flourishing production, vast shale develop resources now accessible…
The Oil and Natural Gas Industry A Key Driving Force in the Canadian Economy Invested 74 billion in Canada in 2013 Largest private sector investor in Canada Payments to governments average about 18 billion per year Approximately…
Industry Capital Spending Cdn billions Oil & Gas Investment Spending: 2013: 74 billion Northern Canada 2014E: 73 billion 2013 2014E 0.7 0.5 Oil Sands 2013 2014E 31 33 Western Canada East Coast Offshore 2013 2014E 2013…
NWT - Beaufort Sea (contd) Drilling began in the Canadian Beaufort Sea in 1973 About 100 wells have been drilled, with only one well drilled within the past 20 years Drilling has largely been in shallow waters but seismic…
Nunavut - Sverdrup Basin 10
Nunavut - Sverdrup Basin (contd) 140 Exploration wells have been drilled in the Sverdrup basin since the 1970s 20 significant oil and gas discoveries and 1 commercial oil discovery Ultimate Initial Marketable Gas estimated at 49…
Nunavut - Eastern Arctic 12
Nunavut - Eastern Arctic (Lancaster Sound) 13
Nunavut - Eastern Arctic (contd) Area of high potential hydrocarbon resources Ultimate Initial Marketable Gas estimated at 16.7 Tcf Ultimate Recoverable Oil estimated at 0.8 billion barrels Recently a consortium of Norwegian…
Challenges to Arctic Offshore Oil and Gas Activity Physical Holistic Low temperatures Economic Sea ice (including extreme ice Technical features up to 30M thick) Human factors Icebergs and / or ice islands Regulatory Ice scour of…
R&D Plays a Vital Role in Overcoming Challenges Fills gaps in knowledge and understanding, technology & methodology and training requirements Researchers need to consider this multi-dimensional (physical & holistic) environment…
Top Priority Issues Arctic Offshore Oil and Gas R&D Highest priority issues identified; organized into three tiers: Essential Environmental Top tier Essential issues that Protection must be addressed for development to proceed…
Building Understanding and Trust Communication & Performance Public Confidence Outreach + = Performance: Continuous environm ental & social perform ance im provem ent (across the value chain)..including monitoring, timely &…
Communication Outreach: Processes, Practices & Responsibility 19
The Way Forward: Opportunity, Collaboration & Responsible Development Seizing the Opportunity Developing a competitive and reliable supply to meet market demands Capture economic benefits and opportunities Market growth and…
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