MCW Enterprises Ltd., a Canada-based corporation, announced on Nov. 19 that it has received all necessary permits to streamline tar sands extraction at its Asphalt Ridge plant located in Vernal, Utah starting in December.
The announcement comes just weeks after U.S. Oil Sands Company received the first ever green light to extract tar sands south in the United States.
MCW's website explains that its stake in the Asphalt Ridge is a “proven/probable resource of over 50+ million barrels of oil” and that it “is seeking other oil sands leases in Utah, which contains over 32 billion barrels of oil within 8 major deposits.”
Bailey told Flahrety Financial News that he sees this first project as a crucible, or testing grounds, with the potential for more extraction to come down the road.
“This is really going to be a technology play,” he stated. “I don't plan to build another Exxon out there in the desert.”
Think that that dirtiest oil on the planet is only found up in Alberta? You might be surprised then to hear that there are tar sands deposits in Colorado, Utah and Wyoming, much of which are on public lands.
While none of the American tar sands deposits are actively being developed yet, energy companies are frantically working to raise funds, secure approvals, and start extracting.
To help you better understand the state of tar sands development in the U.S., here’s a primer.
Where are the American tar sands?
The Bureau of Land Management estimates that there are between 12-19 billion barrels of tar sands oil, mostly in Eastern Utah, though not all of that would be recoverable.
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