Blue Ensign Technologies Limited is an Australian unlisted public company which holds two significant assets and is well placed to take advantage of the new world energy paradigm:
- First, Blue Ensign owns the international patents and all other intellectual property of the innovative RENDALL process technology for production of pipelineable synthetic crude oil (SCO) from kerogen in oil shale.
The RENDALL process has a number of major advantages over existing oil shale processing technologies, namely,
- approximately double the yield of high-quality synthetic crude oil than from retorting technologies
- environmentally benign with no toxic waste of effluent and minimal need, if any, for process water
- no limitations on scale up to large units
- Secondly, it holds a 100% interest in Mining Development Licences over the richest portion of a large oil shale deposit near Julia Creek in Northwest Queensland. Blue Ensign has total Indicated and Inferred JORC Resources of 895 million barrels of shale oil based on Modified Fischer Assays, and potentially equivalent to 1.5-2 billion barrels of synthetic crude oil using the high-yield RENDALL process.
In its 2010 World Energy Outlook, the International Energy Agency (IEA) predicted that global energy use will rise by 36%, with non-OECD countries – led by China, where demand surges by 75% – accounting for almost all of the increase.
World primary energy demand by region in the New Policies Scenario
The IEA also states that the age of cheap oil is over, though policy action could bring lower international prices than would otherwise be the case.
International Oil Price Assumptions
The 2010 World energy Outlook states that total oil demand by 2035 is likely to be 100 million barrels per day (mbbl/d) but with conventional oil supplies only capable of 70 mbbl/d.
Where will this missing 30 mbbl/d of oil come from?
Some will come from new discoveries and developments, some from enhanced oil recovery from existing fields, tight oil reservoirs (“oil shale”), oil sands and possibly some from coal-to-liquids, etc.
By far the largest known largely undeveloped source of oil, however, lies in the world’s huge resources of OIL SHALE. The 2010 Survey of Energy Resources by the World Energy Council (WEC) reported that total world in-place resources of shale oil are estimated to be 4.8 trillion barrels. The largest known deposit is in the western USA (3 trillion barrels inplace resource), with other important deposits in China, the Russian Federation, the Democratic Republic of the Congo, Brazil, Italy, Morocco, Jordan and Estonia, as well as Australia. Only Estonia, China and Brazil currently produce shale oil.