Publications

Survey of Energy Resources Interim Update 2009

Natural Bitmen and Extra-Heavy Oil update

Although many countries possess resources of natural bitumen/extra-heavy oil, it is Canada and Venezuela that dominate the market. Like oil shale, development was encouraged by high oil prices and subsequently adversely affected by the lower price and also environmental concerns. Both countries have large developments: Canada is seeing a rationalisation of its market players and the Venezuelan Government has taken the majority share in its Orinoco projects and has enlisted the help of foreign entities, many of them state oil companies, to re-evaluate and ultimately to increase its extra-heavy oil reserves.

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