In
2000, the United States produced only 3.0 billion barrels of
conventional crude oil. It had to
import over 4.14 billion barrels to meet its total consumption
requirements of 7.14 billion barrels. The existing reserves of
22 billion bbl, (Estimated by the U.S. Department of Energy's
U.S. Crude Oil, Natural Gas Liquids Reserves 2000 Annual Report)
will be used up within the next seven to ten years, leaving the
country largely at the mercy of undependable, foreign sources.
There has been no major oil discovery in North America since the 1978 Gulf of
Mexico discovery
in the western hemisphere. There seems to be no immediate solution
for the U.S. 's future energy requirements
in the form of alternative energy sources. There is, however,
a massive resource available and economically viable that that
oil has crept to $60 USD per barrel levels. Nevtah and its joint
venture partner, Black Sand Energy Corporation, believe that
tar sands could represent a windfall source of energy for years
to come, especially if they can be processed at an economical rate.
Throughout the world, there is
an estimated 2.722 trillion barrels of tar sand oil available.
(Source: U.S. Geological Survey Bulletin #1944) The great majority
of 2.573 trillion bbl are located in Canada and the United
States . The state of Utah holds
over 32 billion barrels of tar sands oil.
| Continent Billions of Barrels
of Tar Sands Oils (Proven & Unproven.) |
| North America 2,573.3 |
| South America 50.5 |
| Europe 20.5 |
| Asia 76.3 |
| Africa 1.1 |
| Middle East nil |
| Southeast Asia nil |
| Total Tar Sands Deposits: 2,722 trillion
barrels |
The market for these tar sand-produced
oil deposits is huge. The proven global resources total slightly
more than 524 billion barrels with 76.2 billion barrels located
in the United
States , as well as 300 billion barrels in Canada .
As the price of oil now hovers at $ 60.00 USD a barrel, the future
for an economically viable extraction process for tar sand oil
has never been better, especially when the Joint Venture Partnership
has proven extraction and processing costs at an average of $12.00
USD per barrel.
