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

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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. It is the second-largest oil producer in the UK North Sea.

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Alberta Premier proposes $3B for oil-sands environmental research

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During a campaign speech, Alberta Premier Alison Redford proposed a $3-billion government-funded research agency to support oil sands environmental research. Redford said she would revive the Alberta Oil Sands Technology and Research Authority (AOSTRA) as AOSTRA 2. Globe and Mail.

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Osum Oil Sands closes $500M private placement; new investors include government of Singapore

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Canada-based Osum Oil Sands Corp. The financing was led by a combination of new and existing shareholders. has entered into definitive agreements with a group of investors to issue, on a private placement basis, $500 million in equity securities. The placement will consist of 21.2 million common shares at $12.50

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PetroChina to Take 60% Working Interest in Two Oil Sands Projects for C$1.9B

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Athabasca Oil Sands Corp. The agreements also provide for certain financing arrangements for AOSC. Oil sands projects are very capital-intensive long-term investments and difficult to fully finance in the traditional equity market. billion (US$1.7 In 2007, Alberta granted China National Petroleum Corp.

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Opinion: Oil Megaprojects Won’t Stay On The Shelf For Long

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One casualty of the oil price downturn could be the megaproject. For years, as conventional oil reserves depleted and became increasingly hard to find, oil companies ventured into far-flung locales to find new sources of production. The collapse of oil prices, however, could kill off the megaproject.

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Government of Canada to buy Trans Mountain Pipeline System and Expansion Project for C$4.5B, resume planing and construction

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The 1,150-km (714-mile) Trans Mountain pipeline system (TMPL) is the only pipeline system in North America that transports both crude oil from the oil sands and refined products to the west coast. —Bill Morneau, Minister of Finance. billion (US$3.46 Earlier post.) This is an investment in Canada’s future.

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Perspective: Drive Star Conversion Program Could Cut US Oil Use in Half by 2020

Green Car Congress

In a pre-response to that speech, having successfully advocated for plug-in hybrids like the forthcoming Chevy Volt, we propose that the President follow that speech up with a “realistic and conservative” roadmap to halve our oil use in 10 years. Oil is holding us all hostage, economically and physically. Finally, it’s time to begin.

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