How much would be produced during that year

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Reference no: EM132197725

Question: (Show work). As of 1998, Canada had produced a total of about 25 billion barrels of conventional crude oil. Estimated total quantity of resource remaining (in 1998) was 19 billion barrels. In 1998, 1.30 x 10^9 barrels of crude oil were produced in Canada. Assume that Canadian oil production follows Hubbert's model.

A. According to the model, in what year (tM) would peak production occur? Approximately how much would be produced during that year?

B. Assume that, when 90% of the total resource has been used up, the remaining quantity will be too expensive to extract, so we will have (effectively) run out of the resource. According to this definition, in what year would Canada "run out" of conventional crude oil?

C. Suppose that an additional 5000 quads (1 quad = 1015 BTUs) of oil could theoretically be extracted from the Athabasca oil (tar) sands. Take this into account (i.e., add it to the total quantity of resource remaining) and re-calculate your answers to (a) and (b).

Reference no: EM132197725

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