Shell's cancellation of the 80,000 barrel per day Carmon Creek project comes after the Anglo-Dutch oil major halted its search for oil off the Alaskan coast last month at a cost of several billion dollars.The decision also comes as Washington procrastinates over whether to approve the huge Keystone XL oil pipeline to transport crude from Alberta to the Gulf of Mexico, which has been delayed over environmental concerns.In the boreal forests and on the remote prairies of Alberta, Canada, a handful of firms are running pilot projects they hope will end a two-decade drought in innovation and stem the exodus of top global energy firms from Canada's oil sands.They are searching for a breakthrough that will cut the cost of pumping the tar-like oil from the country's vast underground bitumen reservoirs and better compete with the booming shale industry in the United States.And that's creating a serious imbalance in North America's energy markets.Now that the US has lifted its oil export ban, much of that shale oil will end up in Europe, whose refineries are better suited for light sweet crude feedstock.
Petroleum is a naturally occurring, yellow-to-black liquid found in geological formations beneath the Earth's surface.
This year alone, oil majors have sold over .5 billion of assets in Canada's energy industry, and been lured south to invest in the higher returns of US shale.
Joseph Kuhach is among the entrepreneurs in Canada hoping they can turn the tide.
It consists of hydrocarbons of various molecular weights and other organic compounds.
The name petroleum covers both naturally occurring unprocessed crude oil and petroleum products that are made up of refined crude oil.