Community | May 25, 2011 | 3 comments

ExxonMobil Shareholders Ask for Disclosure on Tar Sands Investments

source: http://www.triplepundit.com/2011/05/exxonmobil-shareholder-resolution-asks-disclosure-about-...

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Green Century Capital Management filed a shareholder resolution with ExxonMobil to disclose information about its investments in Canadian oil sands (commonly called tar sands). Canada’s tar sands are the second largest oil resource in the world, with over 173 billion barrels in reserve. By the end of last year, ExxonMobil’s “total proved reserves in the oil sands were over 2.78 billion barrels-just over 11 percent of the company’s total proved reserves,” according to a press release by Green Century.

An ExxonMobil ad about oil sands says developing them is “good for our energy and our economy.” However, extracting Canada’s tar sands requires “clear-cutting of the Boreal Forest,” according to Green Century. Extracting tar sands oil also causes 15 to 40 percent more greenhouse gas (GHG) emissions than conventional oil sources.

“ExxonMobil’s considerable investments in the oil sands expose the company to significant financial and regulatory risks, yet the company fails to provide meaningful disclosure on this important issue,” said Larisa Ruoff, Director of Shareholder Advocacy for Green Century. “Without transparency, shareholders have no way of knowing how the company is managing and mitigating these potential risks.”

“We believe this strong vote indicates that a substantial portion of the company’s shareholders support increased transparency and accountability related to its oil sands operations and we encourage the company to respond swiftly and fully to its investors,” continued Ruoff.

Tar sands oil is not good for the environment

Earlier this month an oil spill occurred in northern Alberta from a broken pipeline. 28,000 barrels of oil leaked “into the soil and collected into pools along hundreds of meters of the pipeline’s path northeast of Peace River,” reported the Canadian Press. The leak was found in a 44 year old pipeline which runs 772 kilometers from Zama, Alberta to Edmonton.

Post Continues: http://www.triplepundit.com/2011/05/exxonmobil-shareholder-resolution-asks-discl...
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3 comments // ExxonMobil Shareholders Ask for Disclosure on Tar Sands Investments

  • environmentallyconcernedoilman
  • environmentallyconcernedoilman
    • 0
      environmentallyconcernedoilman  
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    • Since oil sands development is here to stay it is best to problem solve oil recovery production methods so as to eliminate environmental concerns wherever possible. Quite honestly, we should always question status quo oil recovery methodologies even though new solutions may be considered "disruptive technologies".

      With that said, oil recovery methods that do not require heated water to remove the bitumen from the sand, the use of on-site pipeline transportation of oil sand slurries to oil separation vessels becoming the standard, and an oil recovery method that does not create tailing ponds should be the order of the day. I am talking about a cold water oil recovery process that recovers the extraction water for reuse immediately (no tailing ponds) and is aimed at recovering more oil from the the sand than the current conventional methods. Can this bitumen recovery process be more economical than the current methods? Answer, yes. Can it be done today? Answer, yes. I will leave all of the pluses to this process for you to dwell on. We need to create a win-win-win situation sooner than later.

      Of significant importance I have listened to people that are concerned that the existing tailing ponds cannot be effectively remediated. This is not true. Even though many scientists have tried and failed since 1965 to break this very stable emulsion of fine clays, water, contaminants, and a percentage of bitumen there is a solution to this problem today. When I say effectively remediated I mean 3 phase separation that recovers the clay, the water, as well as, the remaining bitumen. The balance of typical oil field contaminants within the water phase can be easily extracted with existing clean water technologies. This can be done today.

      One day soon "disruptive technologies" will be given serious consideration. Good luck to all who are concerned.

      Randy Brawn
      Technical Consultant
      Petromax Technologies
      rwbrawn2010@gmail.com

    • 10 months ago
  • GRC54
    • +1
      GRC54  

    • Lets see. Tar sands=more oil reserves. More oil reserves=more refining. More refining=more fuel to consume. More fuel to consume=more profits. More profits=more pollution. More pollution=Dead Planet.
      Being an Engineer and producing electricity I only have one thing to say,
      Demand cleaner cheaper fuels to burn,(LNG.LPG, Electric), make it cost effective to convert to the cleaner fuels or else we go the way of T-rex and his cousins.
      Good for the stock holders to demand more openness. It's about time!!!!!

    • 1 year ago
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