Tue, 19 Aug 2008|
An expert panel addressed five questions crucial to the oil sands and heavy oil industry. 1. How should capital investment and the distribution of profits be adapted to: a) the need to expend energy to move oil sands or heavy oil out of the subsurface, and b) the transparency requirements of public ...
Automatically Generated Transcript (may not be 100% accurate)
And -- -- environmental destruction is obvious. From -- production it's our way to generate revenue that is not sustainable based on current technology. Some money Nate needs to be invested in other energy -- turn their -- solar wind bio etc. so that's not a statement not a question -- it. Can certainly -- -- discussion here. I have to question -- -- sustainable you know. -- it -- 175. Billion barrels of oil equivalent in the ground. And does century or more of production that absolutely -- rates have been talking about. Not only to be too shortsighted that does sound like it's going to be sustainable for for some period of time I think the I think this this. Question this tradeoff. Between the well known direct relationship. Between the amount of energy available to an individual -- -- standard of living. Versus the impact the generation of that energy on the on the global environments. I think that's. That's something that. -- should be discussed herein should be argued over a little bit. But there's no arguing that the more energy you have the better lifestyle you can have. -- -- mind I think long. I think that beyond salute to the question -- on the Internet is a question but to the question. Does the environmental and social -- of the automobile. Justify the sacrifices. And the down widget has done to the environment. And if somebody -- easier. -- has not done damage to the environment then I think we really are on opposite sides of the fence. Or just further add -- that I think that. We look at a greenhouse gas perspective. It's a 20%. The greenhouse gases it is. Generated no sense but clearly said he percent is from people and transportation. To for the -- to that point. In addition. Now having said that also it's clear in -- February you know before -- -- -- school to go up to -- really nannies and clue with -- when they had wanted to plants it was you know no problem I was -- concentration in the last few times I've been up. I do see some -- -- do see some issues include. The mushroom. Requirements and -- concerned -- kind of event also. And I think that's in the process from what I understand that we have to prove tougher with some of the cumulative effect -- all having multiple plants don't February were also in the emissaries sent. And I think to -- you know food -- the environmental. Sustainability have to be you know turned up and auctioned some of these companies have to do a little bit better -- then they're allowed to do fast. But I I agree with -- the board members that. I think it's achievable. And therefore sustainable I don't think it's. Not. Achievable. They're. -- -- -- That I was so. It -- because -- live here. Decided. Over. -- -- sorry this. Technical long term solution to the legacy of the bitumen sledges that are killing the ducks. Last month or whenever last. -- so. Is it being implemented. We'll leave that was ever given -- -- -- -- -- On here and will be the answer is like everything else of course there is. And as soon as we reset the gas pump to allow hundreds of dollars per gallon. You know that's that's something -- can be taken care. I mean it's -- long. The -- the because they acted it to the fallacy of the commons argument. That is. Environmental costs are what government's command. Require. And if you don't half to eight. For the use of the environment then it becomes cost effective to -- damage. If you're required paperwork and then that price must be reflected in your products and so that pricing gets back to -- his -- -- -- they think -- they're very concerned technology that thing could really have this console booed Clinton's plan knowing that's Egyptian or soon to. And root them -- now -- two years but maybe ten to twenty years that you get consolidation in the separation. Other error friendly. From the kitchen then and then in addition to sales at the -- which is where was in the first place and it myself. I think food is brought. Both. RD work being done on that. But again to the food and respectively it is it's a big revolution there's 150000 Carl -- Well oilsands. In the we're older sister qualities of these students -- -- put him you know separate separate if you do right fifty -- over 150000. -- -- -- you know its point through through three. A footprint. Wish if you say that -- -- other engine industry application for you know because the different parts of mining and impassioned. You may need them in and -- talking. Manufacturing you know that's a small number in the big context but. And -- well. I. Just random they have equipment so that we all -- -- we know -- -- you send operation you know get a go ahead. Publicity you know when you put it that -- to Alberta and -- And you basically had to tell them how we need to do it -- goes -- They don't just let you sit in those stand and dogleg tech we have movie all right what do you want you -- had to put up Mandan. Who's to -- Taliban have what you gonna do up loose of them PO time. So that and so -- liquidation of these that indeed. We know how to do it. That question is always do we had to do we now. And then when -- -- -- -- this question than I -- the question back with this Oakland. Shareholder all the company now because -- their defense overall what they -- the only -- well. -- -- -- -- -- And this is why I think we get caught being good to meet all of these these these like. And then deeply do the company just -- -- understand -- -- -- -- and did the compression. You can lose your man at the end of the -- -- you -- We asked do you have -- as well -- send company based you have to do all but he did it famous the government to have to do. You could ever ever ever put to the gate at the -- I did -- those Sinclair -- at the Pepsi -- in the top troops are. -- that test out. And boo boo -- the guy would do -- but there. So what I consider the gruesome these guys that technology today by the Chris is okay. Happy that you -- -- US and I'll get better technology -- supposed to do do -- -- it but to simply fact. So I just read the the Amanda and the web. Or good understanding. Is no no we don't have of plan -- we don't know how do do do it it. We know how to do it gallery and -- technology out there -- -- clean up. Even sending the Sinclair who's had -- idea that the Clinton plan won't dot you update to listen these. Do you run the company -- do we now as a shareholder now -- I think he's question is is be being proactive instead of reactive. Well personally my. -- -- -- Our first -- And I. Here tonight. -- -- -- -- You know you didn't do much with a for a long period of time. And then -- did. You know accidentally. Knocks him not being proactive. Programs industry. Just recovered from -- now. And with a sense stuff your -- vote. -- -- progressively abilities and anything is the economic cancer they wished they had done that along time ago. And my question is really. Is that thank -- -- since moving ahead in that direction or are they saying yeah sooner or later we got to in the mean time. Things. And I appreciate euros and up. And guess what they did decide if all -- embed -- -- and reminding. Because Biden fan there is absolutely he's right where food idea maybe that India had -- used before the onset. And -- -- eleventh and then I don't do not I don't -- that you got it right just like him in the data mining thus -- be just -- -- that you go to remember their -- isn't -- this very usual this initiative -- is -- in its infancy and and and northern regions of our problems. And we will learn every day and -- -- in the in the offseason we I mean we made mistakes that. The head up an obligation to the government -- the people of overlook. To do what's best for the environment and and do it diligently and with all the you know that I was looking for -- to do things. And there's no way there's no camera. It's just the -- the last two movies -- to always get Genentech heavy -- technology called. I mean and I've chatting about -- session I haven't hit I have it a case seen anyone -- -- big companies. That agent present anything. It these are all banned by so called -- So -- and took forgo a small company. And I would like to -- -- all the shareholder all of these major oil company now. The base tell you bought the of the -- -- the hat this blues carpet. It's -- they can do it did just. If they just don't had to -- -- what I read write because -- -- to do anything I do have my opinion. I was. In -- that in a similar vein in the exhibition hall perhaps 20% of the vendors there. We're offering environmental. Solutions at various kinds. But -- there's there's clearly a drive to improve the technology to make it more cost effective. But again it's it's it. Matter. Political will. Possibly these two men who you -- they contain I don't know 10% 12% -- -- and so. Let's a lot of money that's in the positive they -- an easy way to separate it. Use it does letting it settle. I'm sure the driver -- -- to recover which. Includes a driver for the last twenty years but. That would tell me that maybe -- is in the technology -- to extract that economically. But that's just -- take -- from outside. Thank you. Which is warming up as anymore. Just just touching and I think an earlier comment right here where it's how right now an -- dichotomy in Canada in terms of the west versus east. And that's this. To meet the real sustainability question I -- -- -- environmental stuff. Well in hand but. You know how long is that sustainable where the western did use is doing that you -- you know twice as many voters there. And you I -- -- and elsewhere but the risk that something's -- -- can be done on federal level. Simply because of that especially with manufactured in her. And -- and whether the oilsands companies doing to ensure that doesn't happen -- -- -- a few things but I like to hear. -- -- -- It's just a quick caller that I guess as far as we have a prime minister from Calgary I feel pretty safe but that's the issue -- if it goes back east then obviously. Political interest shift. Well over my actions not Canadian I'm Canadian. And there -- Usually glued to the east was strong and and we were weak no real of course some -- but. We're Canadian and we -- share in the wealth that's Canadian so. And it's important that we communicate better though because that happened in the late seventies and you know with the national -- program. We've heard it nation talked to vote -- national energy strategy. Yeah and I wonder. Payments were terrorists living I think everybody knows we are Canadians that -- separatists in every province. I believe the majority of people realize. This. This -- remark is good for Canada not just the work. Well that's a bad crew what repeated to -- I didn't let you view look better now I had to say that I'll never believe social call you and I'm gonna call me on all loyal long -- -- -- -- I'm just a simple. -- -- -- -- FM do chat -- there are other cities okay and listen to Chinese they've become so called -- you know big club to a market. We had to -- we as a country. You look at what we should do because there Tuesday no I don't wanna -- -- lost a lot of it until the dog doesn't you he's going to be it'll also -- -- Okay and we basically had to stop the real problem as I can say how he can do -- blue so call it call me now. Even imagined this could be descending Bruno many think he's he's not welcome our America -- out -- and they've now. And based on -- the effect. And this is -- I have been sent -- he's he'll be both proud -- -- I would give you some wet but I because he's there was some very anymore frozen even. We always have basically XP and the blue light what you know to spend all because of a -- -- -- Democracy you would be good retirement. This guy's entire and -- never really. Embargoed until you don't threw the ball. Never -- what do you didn't you have to -- and take a look at it. He's crazy -- good. This group. This is everywhere and -- MM stand group who think they hardly anybody's better although he needs to do I think this -- step -- -- We -- good that the textbook. -- it's a minimum a lot of -- well. Have been happening Melissa as a country do we still have to -- the country there who -- -- the whole thing this at this just Canada I mean we Americans have this thing visit. The -- of the -- America sets of statements in the press. I represent. People from all of our North American were overweight and most of the monies from the products that I sell into the industry. According to the United States. Some of the -- and -- to me news. Constituency. Make money from the -- People from all around the world make money from their -- So. In fact probably 80% of the protests -- to go suns come from the United States of America. And the constituents. In these mirrors. They have spoken out against brickyard we have that people and their constituency. Nicholas of monochrome or term. -- -- and I guess that's my point is and it's important that as an industry we. Get -- -- because taxes in Rome passed again. They've actually come to light when the economy's destroyed in the country's hurt and they realize that often you have to -- and -- first yeah tablet before you're here. Super majority stands -- and State's presidential candidates. Religious student -- the facts I mean did you do don't wanna fight and they do it in Namibia that's their fault and Obama and previously auto companies' fault. That realistically everybody in the world shares in the wealth and some way. Some former Obama can. I think -- that to a Peters said in your comments that I think you're welcome reception do better job of communicating. There -- benefits I think they've started to realize that -- you open up a website dialogue. That's they have become more vocal they can't hide behind you other things I mean just -- this need mutual companies are we. Represented up here some struggles suppliers like us that are trying to defend them. This time is that the media that they that it no every -- and I can do is be doing something for the whole industries of Iran something that the campus magazine. Forget big let everybody know we've we've Hollywood but nobody seemed to know -- who in public. So -- movies and try and help us but there. We should be -- safe and that the road last -- of the whole bunch of Ferrari's dollars through negotiated so this there's a bunch of who's who in the oil industry. -- -- -- -- -- -- -- Uncertainty moot question you don't -- that you started with the -- purposely use the statement young -- because I'm not. So I'm not giving myself the place. There's a combination nifty -- very well established races. September west young man and -- supplies. Questions on the Internet. -- -- CO2 emissions associated with generating hydrogen from -- -- I. Well witness that I -- generally. Region ferocious you're too much CO2 emissions. It well when it depends you do -- generation of the hydrogen. As I've tried to point out there. You in the conference if you put that. Not they cut the spectacle but partially burned the -- cool. To get vetoed it to boil water to make this has been and then the partial oxidation of the -- is carbon monoxide. I've been monoxide -- and the -- down the hole into mother nature's. Operator. I didn't -- -- hydrogen by something called the wallet dot shift reaction. Now you've got hydrogen to I had to your hydrocarbon to -- let's -- city and yet you produce sealed room. Will you produce it. A thousand feet under the ground. In -- in the formation it's already sequestered. You couldn't ask for a better deal and -- have no idea was -- them 25 years ago and even patented and whether we loaded it. Well I -- because it wasn't good minded but the people and the people say it will pay for the extra cost. Goes throughout. And I think that one of the great things that's absolutely screaming price in getting decent price of oil president of gasoline for cars. This of the people have accepted that there's not a soul in this room has. Reduce their driving to and the excellent. So they are prepared to pretty poor. For that provide an entity. It's no equal to the same price at roughly the same price as -- local personal decision though you've got -- And that's that's where the socialites -- the greens in the Sierra Club and all the other people who scream and yell about the industry that that supplies the product people will supply it to the extent that -- the people who don't mind.