Filed under: maps | Tags: bitumen, crude oil, Enbridge, environment, Exxon, oil sands, oil spill, oil transportation, pegasus, pegasus line, pipeline rupture oil, tar sands
The Pegasus line through Arkansas is spewing its contents into a subdivision.
Filed under: Uncategorized | Tags: bitumen, Canada, Canadian oil production, China, CNOOC, heavy oil, Nexen, oil sands, Petroliam Nasional, Petronas, Progress, Stephen Harper, Suncor, tar sands, unconventional oil
Canadian Prime Minister Stephen Harper approved Cnooc Ltd. (883)’s $15.1 billion takeover of Nexen Inc. (NXY) and Petroliam Nasional Bhd.’s C$5.2 billion ($5.2 billion) takeover of Progress Energy Resources Corp. (PRQ)
Filed under: Uncategorized | Tags: Athabasca Oil Sands, bitumen, Canada, Canadian oil sands, China, CNOOC, energy, foreign control of tar sands, Foreign Investment Review Act, Jeff Rubin, Nexen, oil production, oil sands, PetroChina, Petronas, syncrude, tar sands, unconventional oil
Recall that American consumers are (strongly) encouraged to think of Canadian production as domestic production.
CNOOC’s blockbuster deal for Nexen, if nothing else, is a stark indication of how far the goal posts have moved not only for Canada’s oil patch, but also for world oil demand. Only four or five years ago, the notion that a state-owned Chinese company could buy—lock, stock and barrel of bitumen—one of Canada’s premier oil names was politically unthinkable. Any such deal was sure to be turned down by Ottawa under its Foreign Investment Review Act (not to mention the hue and cry that would come from Alberta’s provincial government).
Today, that’s all changed. CNOOC’s $15-billion offer for Nexen follows a number of major foreign transactions in Canada’s energy sector. Among others, Malaysian energy giant Petronas is paying $5.5-billion to get at Progress Energy’s natural gas reserves in British Columbia. Earlier this year, PetroChina completed a two-pronged deal for Athabasca Oil Sands Corp. that tallied $2.5-billion. In 2010, Sinopec paid $4.65-billion for a 9 percent stake in Syncrude, which runs Alberta’s largest oilsands mine.
Filed under: Uncategorized | Tags: Alberta tar sands, Canada, energy, ezra levant, foreign control of tar sands, oil sands, peak oil, tar sands, unconventional oil, Yergin
In a recent Bloomberg interview, Dan Yergin suggested we consider Canada as “not a foreign country,” thus oil from Canada is just like oil produced within the United States. Voila! Turns out oil from Canada is not even like oil from Canada.
Filed under: Uncategorized | Tags: Athabasca, carbon emissions, metric tons of carbon, oil sands, peatlands, tar sands
They also say that the peatlands under consideration are currently holding on to 11-47 million metric tons of carbon that will be released into the atmosphere as part of the mining process. And then, because the mining companies plan to return the land to dry forest instead of the original peatlands, the area will lose the ability to sequester carbon in the future; this they say will add up to about 5,700-7,200 mt of carbon each year, which they say should be looked at as a net gain of carbon emissions each year.
Filed under: Uncategorized | Tags: bitumen, Canada, crude oil, economic threshold, energy, marginal price, oil, oil sands, Suncor, syncrude, tar sands, unconventional oil
More commonly, less accurately known as oil sands.
From Canada’s Energy Future (pdf), a 2011 report from the National Energy Board.
The threshold will be highly dependent on the price of natural gas.
Filed under: Uncategorized | Tags: Alberta, British Columbia, CNOOC, energy, Greenbirch, oil sands, PetroChina, Sinopec, tar sands
Adding to their already massive holdings in Alberta.