Study sees harmful hunt for extra oil

[jpak]

http://www.ft.com/cms/s/11ba213e-bf7e-11db-9ac2-000b5df10621.html

All the world’s extra oil supply is likely to come from expensive and environmentally damaging unconventional sources within 15 years, according to a detailed study.

This will mean increasing reliance on hard-to-develop sources of energy such as the Canadian oil sands and Venezuela’s Orinoco tar belt.

A report from Wood Mackenzie, the Edinburgh-based consultancy, calculates that the world holds 3,600bn barrels of unconventional oil and gas that need a lot of energy to extract.

So far only 8 per cent of that has begun to be developed, because the world has relied on easier sources of oil and gas.

<more>

[Javaman]

1. Think of a sponge and it being wrung for all it's worth. nt

[Strelnikov_]

2. “In a sense, this exercise is like turning gold into lead"