Did you know it was on this day in 1953 that Pembina No. 1 was spudded? 🏭 🛢️
“In 1953, the Pembina oilfield was discovered about 113 km (70 mi.) southwest of Edmonton. This field, the largest stratigraphic oil trap in western Canada (with the exception of the oil sands of the McMurray Formation), quickly surpassed all others and became Alberta’s largest oilfield, both in terms of estimated reserves and actual production. The Pembina discovery had a tremendous impact on the future of oil exploration…It was Canada’s largest reserve up to that point. It also convinced geologists that oil could be found in reef formations outside of the Devonian period. This realization greatly expanded the exploratory area. Furthermore, oil from the Pembina field was accessed using an extraction method known as sandstone fracturing, or “fracking.” This method places fluid under high pressure inside the well, causing the subsurface sandstone to then split or open. The oil seeps through the fractures to the borehole, where it can be pumped to the surface…”
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3moAre the fees that have been paid by exploration companies to date to the ISA been published anywhere? Has the ISA any audited accoounts yet that are open for scrutiny? I believe fees are in the region of $16 million?