(Reuters) – Penn West Petroleum Ltd (PWT.TO: Quote, Profile, Research, Stock Buzz) said on Wednesday it has lined up buyers for C$1.3 billion ($1.3 billion) worth of Canadian oil and gas assets, making good on plans to jettison non-core properties and use proceeds to cut debt.
Penn West, one of Canada’s largest conventional oil and gas producers, also disclosed new reserve assessments for its emerging light oil and bitumen prospects, one of which it is developing in a joint venture with China Investment Corp CIC.UL. They suggest total resources exceed 1 billion barrels.
North Dakota #oil output passed 700k bpd in Aug, roughly 1/4 of #Canada’s total output. #bakken #oilsands
TORONTO/CALGARY, Oct 5 (Reuters) – The Canadian government
has extended by two weeks its review of a C$5.2 billion ($5.3
billion) bid by Malaysian state oil company Petronas to take
over Progress Energy Resources Corp as the country’s
focus on foreign moves to buy Canadian resource companies
The unexpected delay comes as Ottawa also vets a $15.1
billion offer for Nexen Inc by CNOOC Ltd, the
Chinese state-controlled company, a deal that has been slammed
both by Canada’s main opposition party and from some within
Conservative Prime Minister Stephen Harper’s own government.
Canada’s opposition NDP says Ottawa must nix CNOOC bid for Nexen, citing “lack of transparency”, “alarming no of unanswered questions”
CALGARY, Alberta, Oct 3 (Reuters) – Enbridge Inc’s
new chief executive kicked off his tenure as head of the main
transporter of Canadian oil exports on Wednesday with new ideas
to get growing volumes of light crude to Eastern markets and
prospects for richer earnings.
Al Monaco, who took over as CEO on Monday, said the boom in
light oil production from sources like the North Dakota Bakken
has drastically shifted North America’s supply outlook, forcing
deep price discounts for supplies not linked to international
Brent crude pricing and prompting the need for new pipeline