A recent article in the Daily Oil Bulletin highlighted the opportunity in expanding Alberta's potential in supplying Bitumen Beyond Combustion (BBC) products to various domestic and international markets.
The Alberta Innovates-led study clearly shows the potential that exists in value-added products coming from Alberta's innovation-rich economy. Wapahki is perfectly positioned to lead this transition to Bitumen Beyond Combustion with our proprietary Rpahk product and our ability to transport bitumen products to market.
We've highlighted some of the more salient parts below.
The Alberta Innovates-led study concludes that there is a potential for BBC to create a“multibillion-dollar, low-emission, value-add industry in Alberta by processing bitumen that has not been converted into fuel.”
In total, the study concludes that the value of that 30 per cent, converted both to value-added BBC and de-asphated fuel, could be as much as $100 billion annually, based on oilsands production of three million bbls. That’s more than the estimated $27 billion yearly that is generated by the existing conversion of bitumen into fuel.
In addition to the economic benefit of diverting bitumen to other value-added products, the Alberta Innovates-led study concludes that if 30 per cent of bitumen is diverted from production of three million bbls daily, the reduced combustion of bitumen could lead to GHG emissions reduction of 120 million tonnes of CO2 per year. That is equivalent to hundreds of thousands of vehicles being taken off of Canada’s roads.
The study also identifies another opportunity that could be created for bitumen, which involves the creation of asphalt binder, also called asphalt cement. That material is now sourced from treating the heavy residue from the crude oil refining process.
The Alberta Innovates-led study assumes that eventually 862,500 bbls daily of bitumen would be diverted for the production of BBC, with the remaining used to produce transportation fuels.
862,500 sounds like a great start! And our projections show that by increasing oilsands development capacity, there are even more opportunities for transporting Bitumen Beyond Combustion to market.