Production and Upgrading of Bitumen and Extra Heavy Oil

Abstract

Increasing consumption and price of oil together with technological progress will lead to utilization of alternative fuels including fuels produced from bitumen and extra heavy oil. Their supplies are larger than those of conventional oils. Most of their resources lie outside the Middle East, which is of great strategic importance for industrial countries. In Venezuela and Canada, new projects are being prepared which should enhance the total production of extra heavy oil and bitumen from ca 80 megatons in 2003 to more than 200 megatons in 2013. Production and processing of bitumen and extra heavy oil are energetically very demanding and lead to large carbon dioxide emissions. At a price of 24 USD for a barrel of light oil the return on investment into production and processing of of extra heavy oil and bitumen as well as extremely high profits at current oil prices are guaranteed.