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Founded in 1968, SPP/CPM specialize in the discovery and commercial development of oil shale deposits. SPP/CPM have title to 10 oil shale deposits totaling approximately 29 billion barrels of in-situ shale oil resources (24 billion barrels, net SPP/CPM interest) in central Queensland, Australia.
The location and nature of these deposits combine to make them some of, if not the, most commercially attractive oil shale deposits in the world. SPP/CPM selected and adapted a processing technology, the Alberta-Taciuk Processor (ATP), which the Companies believe has major economic and environmental advantages for the development of these shales. The selection of the ATP was based on a $150 million, 7 year research project into suitable technologies.
Long-term development of Queensland's oil shale deposits has the potential to meet Australia's oil import needs and, at full development, create an export market for oil. Oil produced from these deposits exceeds the world's most stringent enviornmental standards. These deposits thus represent a major contribution to the future supply of clean energy to Australia and a significant contribution to the creation of skilled, long- term jobs.
In 1997, SPP/CPM signed a joint venture agreement with Suncor Energy Inc., (Suncor) a major Canadian energy company, to commence development of one of the ten oil shale deposits, the Stuart deposit. Located near Gladstone, the Stuart deposit has a total in-situ shale oil resource of 3 billion barrels and the capacity to produce more than 200,000 barrels per day.
Our mission is to create value for our shareholders and other stakeholders through the rapid and responsible development of oil shale resources. We will do this by applying innovative technology and superior management while demonstrating environmental leadership.
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