In the wake of the Deep Oil Horizon disaster, focuses are quickly turning to alternative sources for the production of oil. At the same time, forecasters are warning that the ocean's oil fields are running low and that other options are needed. The point at which extraction of oil reaches its maximum rate is known as ‘Peak Oil'; the point after this Peak is the slide of the industry into terminal decline. However, it seems that the answer to the industry's problems might be found on land.

What is Peak Oil?

Forecasters are using a formula to predict the time of the peak, which can be best described as a bell-curve graph. The curve that ascends into the time of peak is just as important as the curve that shows the descent from it - for a number of reasons. Because the point after Peak should follow a similar descent to its ascent, this means that oil production post-Peak will achieve similar levels to pre-Peak. If, for example, the year 2010 is the year of the peak, then in 2030 the levels of oil production could be the same as in the 1980s. The main difference is that, in 2030, the world's population will have increased considerably and the demands for oil would be far greater than it was 50 years previously. This would mean that the same amount of oil would be used far more quickly and cost much more.

The Deep Horizon Disaster showed the world, once and for all, just how delicate oil production can be and the effects it can have on the environment in the event of an accident. However, the need for oil is pressing as the predictions of the peak draws ever closer.

What are Oil Sands?

Canada currently produces around 2.6 million barrels of oil a day. Around 40% of this amount is derived from the sands. Oil sands are a mixture of clay, water and bitumen deposits. The bitumen deposits require rigorous treatment to refine them into oil, but when you consider that the Alberta Energy and Utilities Board estimates that there is the equivalent of 2.5 trillion barrels of oil in these sands, there seems little room for argument. This figure alone would cover the demands made by the entire world for the next 80 years.

Future Prospects

While skeptics might contest that refinement of these sources would cost too much money, the oil industry is in a perfect position to react. During the global recession, the industry took the stand-alone stance of retaining careers, rather than streamlining them. Wages were frozen and recruitment slowed. Having spent less money in relation to the rate of recession, the industry is now poised to answer the demands of the world's oil consumption requirements. Mining the sands would not only exploit a valuable vein of oil at a time when we need it most, but it would also be a more ecologically sound approach than continuing deep underwater drilling. In addition, it would mean an increase in recruitment, oil jobs and long-term oil careers. While there would, no doubt, be considerable costs involved, the long-term benefits to the world's economy and oil reserves must surely outweigh the drawbacks.

ENDS

About the Author

Duncan freer - Director - offshore oil jobs and offshore gas jobs. Search is a job site dedicated to the specific needs of candidates who work in the Oil and Gas industry. We also provide recruiters with an online service that is effective in terms of cost and ease of use.

Contacts
For interviews, images or comments contact:
John Roberts
Marketing Manager
Email: john@thejobsearchgroup.com