Filed under: Uncategorized | Tags: Alberta, Canada, China, ECA, Encana, energy, energy security, PetroChina
PetroChina Co. (857) agreed to pay Encana Corp. (ECA) C$1.18 billion ($1.2 billion) for a 49.9 percent stake in an Alberta shale formation as Asia’s biggest oil producer steps up acquisitions of overseas oil and gas assets.
via PetroChina Pays $1.2 Billion to Form Encana Joint Venture – Bloomberg.
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.
via CNOOC’s Nexen Bid Shows How Far Goal Posts Have Moved | Jeff Rubin.
Filed under: Uncategorized | Tags: China, Chinese oil imports, fuel oil, IHS, Iran, Iran oil exports, Iran oil trade, PetroChina, Poten, Tianbao, Zhuhai Zhenrong
But…but…
Zhuhai Zhenrong Co., the Chinese company censured by the U.S. in January for trading with Iran, provisionally hired an oil tanker to carry fuel oil from the Persian Gulf nation, shipping data showed.
Tianbao, a unit of state-owned Zhuhai Zhenrong, chartered the Khorfakkan to load 80,000 metric tons on May 15 from the Iranian port of Bandar Mahshahr, according to three shipbrokers including Poten & Partners Inc. in New York. The Liberia-flagged vessel is under way in the Persian Gulf, transmissions captured by IHS Inc. (IHS) on Bloomberg show.
Fuel oil is a residual product of refining used for power generation and as shipping fuel. […]
via Bloomberg: http://www.bloomberg.com/news/2012-05-04/china-s-zhuhai-zhenrong-books-may-fuel-oil-shipment-from-iran.html
Filed under: Uncategorized | Tags: Alberta, British Columbia, CNOOC, energy, Greenbirch, oil sands, PetroChina, Sinopec, tar sands
Adding to their already massive holdings in Alberta.
Via Rigzone: http://www.rigzone.com/news/article.asp?a_id=114805&hmpn=1
Filed under: Uncategorized | Tags: Athabasca, Canada, China, oil sands, PetroChina, tar sands
Oil & Gas Journal: “Petrochina snaps up…”..
Throws a new light on that supplier, eh.
Industrialized Cyclist Notepad 