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China’s CNOOC to acquire Canada-based Nexen for $15.1B; offshore oil and gas, oil sands, and shale gas

Green Car Congress

CNOOC Limited—China’s largest producer of offshore crude oil and natural gas and one of the largest independent oil and gas exploration and production companies in the world—is acquiring all of the Common Shares of Canada-based energy company Nexen Inc. billion cash. Nexen also has a 7.23%.

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EIA forecasts growing liquid fuels production in Brazil, Canada, and China through 2023

Green Car Congress

The US Energy Information Administration (EIA) forecasts that liquid fuels production in Brazil, Canada, and China will increase this year and next, contributing to growth in overall non-OPEC petroleum production. EIA expects Brazil’s production to increase from 3.7 EIA expects Brazil’s production to increase from 3.7

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Chinas CNOOC to acquire Canadian oil sands producer OPTI for $2.1B

Green Car Congress

an indirect wholly-owned subsidiary of CNOOC, will acquire oil sands producer OPTI Canada Inc for approximately US$2.1 The principal asset of OPTI consists of a 35% working interest in the Long Lake and three other oil sands project areas located in the Athabasca region of northeastern Alberta. CNOOC Luxembourg S.a

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China Investment Corp. and Penn West To Form Oils Sands JV

Green Car Congress

Penn West Energy Trust has entered into an agreement with a wholly-owned subsidiary of the China Investment Corporation (CIC) to form a joint venture that will develop Penn West’s bitumen assets located in the Peace River area of northern Alberta. CIC has also agreed to purchase trust units of Penn West on a private placement basis.

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JAPEX to invest 65-70B in further oil sands development in Canada

Green Car Congress

(JAPEX) plans to invest ¥65-70 billion (US$830–893 million) in its Canadian oil sands projects, Chief Executive Osamu Watanabe told Dow Jones Newswires. China’s biggest offshore oil and gas producer, said it will buy Canadian oil-sands developer OPTI Canada Inc. OPCDF) for $2.1

Oil-Sands 186
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EIA projects world energy use to increase 53% by 2035; oil sands/bitumen and biofuels account for 70% of the increase in unconventional liquid fuels

Green Car Congress

Worldwide energy consumption will grow by 53% between 2008 and 2035 with much of the increase driven by strong economic growth in the developing nations, especially China and India, according to the reference case in the newly released International Energy Outlook 2011 (IEO2011) from the US Energy Information Administration (EIA).

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Devon Energy and BP Enter Into $7.0B Property Sales Agreement and Oil Sands Joint Venture

Green Car Congress

Devon and BP will also form a heavy oil joint venture to develop BP’s Kirby oil sands leases in Alberta, Canada. In order to facilitate the oil sands joint venture, Devon will acquire 50% of BP’s interest in the Kirby oil sands leases. The Whiting upgrade is planned to come on-stream in 2012.

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