CALGARY, Alberta, Dec 13 (Reuters) – PetroChina
will pay Encana Corp C$2.2 billion ($2.2 billion) for a
49.9 percent stake in a rich Alberta natural gas prospect owned
by the Canadian company, a first test of Canada’s new guidelines
for major energy investments by foreign state-owned enterprises.
Under the deal, which follows a failed joint-venture attempt
by the pair in 2011, a unit of PetroChina known as Phoenix
Duvernay Gas will take the nearly-half interest in Encana’s
Duvernay play in west-central Alberta, estimated to contain 9
billion barrels of oil equivalent
CALGARY, Alberta, Dec 10 (Reuters) – The chief executive of
Talisman Energy, which had been seen as a possible takeover
target for an Asian state enterprise, on Monday praised Canada’s
new restrictions on purchases by foreign state-owned entities.
With Canada’s approval of the $15.1 billion takeover of
Nexen Inc by China’s CNOOC Ltd, it is
important that the country keep some homegrown oil companies
with global reach, such as Talisman, CEO Hal Kvisle
told reporters after speaking to a business audience.
CALGARY, Alberta (Reuters) – Nexen Inc’s (NXY.TO: Quote, Profile, Research, Stock Buzz) chief executive said on Monday that the $15.1 billion acquisition of the Canadian oil producer by China’s CNOOC Ltd (0883.HK: Quote, Profile, Research, Stock Buzz) was not yet wrapped up despite the Canadian government’s approval last week.
In his first brief remarks following Ottawa’s green light for the contentious takeover by the Chinese state oil company, interim CEO Kevin Reinhart declined to give a reaction to the decision, which came following months of deliberation.
CALGARY, Alberta (Reuters) – New Canadian rules limiting control of its oil sands by foreign state-owned companies may turn away some investors who now covet more than minority stakes just as the industry seeks massive amounts of capital to fuel its growth ambitions.
The oil sands in western Canada, the world’s third-largest crude reserve and source of much of the United States’ oil imports, need an estimated C$120 billion (75 billion pounds) in investment in the next decade, according to the Alberta government, and the industry must tap numerous foreign sources for much of it.
CALGARY, Alberta, Dec 6 (Reuters) – Enbridge Inc on
Thursday proposed a C$6.2 billion ($6.3 billion) expansion of
its oil pipeline system, aimed at moving surging volumes of
light crude from Western Canada and the North Dakota Bakken to
refineries in the eastern part of the continent and U.S.
The series of projects, which would add a total of 400,000
barrels per day of overall capacity to the huge Canada-to-United
States network, is larger than Enbridge had proposed previously
as it sought to address the need for new transport capacity.
CALGARY, Alberta, Dec 5 (Reuters) – Canada’s Northwest
Territories is studying oil well monitoring techology used by BP
Plc in the Gulf of Mexico following its 2010 oil spill
there in hopes that it can be applied to Arctic wells, the
Territories’ industry minister said on Wednesday.
David Ramsay, minister of industry, tourism and investment
in the resource-rich and sparsely populated territory, said it
may be possible that such gear can be used to satisfy Canadian
regulators, who reviewed regulations for offshore oil and gas
operations in the Arctic following BP’s Macondo disaster.
CALGARY, Alberta, Nov 30 (Reuters) – Ottawa may try to tug
at Canadians’ emotions as a way to build public support for
building pipelines to ship growing crude production to the West,
East and South, the federal natural resources minister said on
The International Energy Agency’s new forecast of booming
U.S. light oil production has only added urgency to the need to
build pipelines so Western Canadian crude can get to new
markets, such as Asia and Eastern Canada, as the United States
edges closer to self-sufficiency over the next 15 years, Natural
Resources Minister Joe Oliver said.
CALGARY, Alberta, Nov 30 (Reuters) – Canadian Oil Sands Ltd
, which has the largest stake in the Syncrude Canada Ltd
oil sands project in northern Alberta, expects booming U.S.
light crude production to keep on pressuring prices for the
synthetic oil that Syncrude pumps out in large volumes, its
chief executive said on Friday.
Canadian Oil Sands, which announced a C$1.3 billion ($1.3
billion) 2013 capital spending budget late Thursday, expects its
product to fetch $5 a barrel less on average than the U.S. oil
benchmark, West Texas Intermediate, next year.
CALGARY, Alberta, Nov 28 (Reuters) – Deep price discounts on
the crude wrung from Alberta’s oil sands are taking their toll
on the western Canadian province’s finances, the government said
on Wednesday, as it warned that its deficit could still be more
than triple its initial projection.
In a second-quarter budget update, the Conservative
government of Canada’s biggest energy-producing province said it
expects its 2012-2013 deficit will be between C$2.3 billion and
C$3 billion ($2.3 billion and $3 billion), with revenues for the
first six months tracking C$1.4 billion below expectations.
CALGARY, Alberta (Reuters) – China’s state-owned CNOOC Ltd and its Canadian takeover target Nexen Inc have withdrawn and resubmitted an application for U.S. approval of their $15.1 billion deal, as Canada gets close to its decision on whether to approve the transaction.
The energy companies said on Tuesday that discussions with the Committee on Foreign Investment in the United States (CFIUS) were still in progress, “with a view to completing the CFIUS review process as expeditiously as possible.”