As oil prices continue to fluctuate throughout the world and the prices on oil production increase new technologies to extract oil are being developed. Oil fields that were once thought too costly to provide oil in usable quantities are now being developed. New methods of extraction allow for the capture of oil from sources never before considered. One such extraction method is now being used in the oil rich sands of Alberta, Canada.
The extraction of oil from these sands is an ongoing project that the Canadian government and several oil companies are attempting. A major issue is the production of large quantities of carbon dioxide emissions. The burning off of natural gas deposits to get at the oil creates carbon dioxide that adds to the threat of global warming. Many companies are searching for ways to reduce or eliminate the production of carbon dioxide as a byproduct of oil reclamation from sand fields in Alberta. A Quebec company, CO2 Solutions has developed a method of turning stack emissions of CO2 into a usable byproduct. This method does not require the same investments or procedures as other methods that have been developed. CO2 solutions produced a form of bacteria from some E-Coli strains and genetically engineered this organism to effectively turn carbon dioxide emissions into a usable form of bi-carbonate. This is the same soda type substance that is used in such common items as baking soda, lime and chalks. By capturing the emissions at the stack and converting them to a usable substance CO2 Solutions has designed a system that is effective not only in reducing the carbon dioxide that is sent into the atmosphere but also creates a new supply of bi-carbonate soda that can be used for many other applications around the globe.
CO2 Solutions has recently presented its findings to several agencies and companies in the hopes of gaining acceptance in the oil producing community. The results of the studies so far confirm that a lower oil price per barrel of crude produced will result. In addition harmful emissions and greenhouse gases will be reduced.
As the cost of developing new oil reserves grows companies and governments with a large investment in oil reserves are seeking ways to contain costs. Reducing production costs is a smart way to reap better profits from oil investments around the world. The carbon dioxide capture method developed by CO2 solutions will make private oil investment more appealing to large companies seeking to develop new oil sources.