Oil Sands Mining News

No time for OPEC to close taps, IEA says

VIENNA, Aug. 10 (UPI) -- Oil supplies may eclipse demand in 2012 if world economies fail to emerge from recession though OPEC shouldn't panic, the International Energy Agency declared. World markets are highly volatile in part because of the European

Oil sands projects not in jeopardy at current oil price

The drop in oil prices has sparked some fears about oil sands projects, with the Calgary Herald reporting that prices below eighty dollars could put new projects in jeopardy. Oil closed at $79.30 US per barrel yesterday. The jump came

Oilsands Quest Inc. extends rights offering subscription period

Oilsands Quest Inc. (NYSE Amex: BQI) ("Oilsands Quest," "OQI" or "the Company") is extending the rights offering announced on July 18, 2011 (the "Rights Offering"). The Rights Offering was originally scheduled to expire on August 15, 2011 and the Company is extending the period by two weeks in order to ensure that its shareholders have adequate time to consider and participate in the offering.

PR gaffe of the month: when fake Twitter accounts fail

connected to the oil lobby was recently outed for setting up fake Twitter accounts that supported the controversial oil sands pipeline. Here are a few social media rules to remember next

Another day, another record for gold; stock markets rebound

Economic jitters continue to drive gold higher, which hit $1,782.50/oz on Tuesday. Stock markets bounced back after yesterday's gut wrenching fall. The S&P/TSX Composite index was up nearly 3% from yesterday. The S&P/ASX 200 did not perform as well and rose 1.22%, making most of the gains later in the day. The oil and gas sector, which suffered some of the worst losses on Monday, rebounded strongly. The Dow Jones U.S. Oil & Gas Index was up 3%.

Organizations promote cleaner oil sands production through decentralized energy

Improving energy efficiency and lowering carbon emissions in the Alberta oil sands is the focus of a new partnership between two industry research organizations.

Commodities slump to ease inflation

The fall in commodity prices at the international market amid fears of a slowdown of the global economy is set to reduce exposure to imported inflation and exchange rate instability.

Oil price drop threatens oilsands megaprojects

The price of crude slid more than six per cent Monday, dropping to a level experts say makes future oilsands mining projects look unprofitable if it persists.

Oil sands production hampers Copenhagen Accord emission targets

Environment Canada predicts that emissions from oil sands production, without government intervention, is going to increase by 18% over the next decade. Canada Emissions Trends, a report on greenhouse gas emissions and how various sectors of Canada's economy are faring, was released quietly last month. In December 2009 Canada signed the Copenhagen Accord committing Canada to reducing its greenhouse emissions to 607 Megatonnes in 2020, or 17 per cent below 2005 levels. The report says that Canada’s total GHG emissions were 731 Mt in 2005, representing about two per cent of overall global GHG emissions.

ConocoPhillips boosting investment in Alberta oil sands

ConocoPhillips Canada plans to invest $1.5 billion in oil sands assets in Alberta in 2011.

Gold hits record high; stock markets and oil companies tumble

After the S&P downgrade announced Friday evening, North American markets opened Monday and tumbled. The Australian stock market, measured by the S&P/ASX 200, finished the day down 2.91%, while the S&P/TSX composite was down 3.4% in morning trading to 11,796, its lowest level since August 2010. Gold breached $1,710 an ounces before settling back to $1,700/oz.

Pipeline to West Coast will be tough to stop

The Calgary Herald reports the debate over a controversial BC pipeline and port project to ship Alberta crude oil to Asian markets escalated recently with Canada's politicians and business leaders advancing new support for the initiative. Both federal Natural Resources Minister Joe Oliver and the Canadian Council of Chief Executives gave strong backing to the Northern Gateway Project with Oliver calling the pipeline in the national interest. Slowing demand in the US is also adding to pressure for a go-ahead on the pipeline that will stretch for more than 1,100km to a new port facility at Kitimat, northern BC and will cost $5.5 billion.

EthicalOil.org's crude message may backfire

A new attention-grabbing website that attempts to draw a distinction between Alberta's oil sands and what it calls "conflict oil" extracted by undemocratic regimes may become a victim of its own success.

Iran $1 billion investment includes building houses in Venezuela

AFP reported that Venezuela has signed a deal with Iran to build over 10,000 homes in three central states of the South American nation in a billion dollar investment package that signals the two country's increasingly close ties.

One-two hit for oil sands producers

Canadian Natural Resources announced this week it is poised to restart its Horizon plant seven months after it went up in flames and aims to spend over $2 billion to more than double its capacity. The Horizon outage led to a shortage of syncrude – a light oil manufactured from bitumen – which helped Alberta's producers attract a premium of $18 above benchmark US oil prices. That nice little earner will now likely melt away and follows a Reuters poll that showed a majority of analysts and oil traders expect the spread between US and international crude prices to surpass $30 in the next year.

Hillary Clinton: Keystone XL safety will be above the law

The Hill's E2-Wire reports Secretary of State Hillary Clinton said Thursday that the proposed pipeline to bring Canadian oil sands to Gulf Coast refineries, if approved, will operate under tougher safety standards than the law requires. Clinton addressed TransCanada’s planned $7 billion, 1,700-mile Keystone XL pipeline — which is under State Department review — after a meeting with Canadian Foreign Minister John Baird in Washington, D.C.

Fake Twitter accounts used to promote tar sands pipeline

The Guardian has an amusing story about allegations that oil company lobbyists have set up fake Twitter accounts in support of Keystone XL. Here's an example of one Tweet: "If you like pizza you should also like #keystonexl and the sweet #oilsands it benefits #nebraska." Mmm, oil sands pizza! I'm sold. Thanks, oil lobby astroturfers!

Pricking the carbon finance bubble

Hazel Henderson writes for Reuters, after the first year of the Dodd-Frank reform in the USA, the too-big-to-fail financial bubble still looms. Missed by Frank-Dodd are the obsolete fossilized asset allocation models and Rigged Carbon Markets. An explosive new report from Carbon Tracker shows how these errors in asset valuation have saddled stocks and sovereign bonds with unrealistically over-valued fossil fuel reserves. These coal, oil and gas deposits carried on company and government books as "assets" may actually prove unmarketable and worthless!

Clinton promises clarity on Canadian oil sands pipeline

Secretary of State Hillary Clinton and her Canadian counterpart John Baird held their first bilateral meeting in Washington.

Paramount Resources volumes up on deep basin growth

Strong deep basin activity drove a hike in second quarter production for Paramount Resources Ltd., which reported Wednesday that average sales volumes increased 30 per cent in the period. The Calgary-based intermediate producer’s acquisition of ProspEx Resources Ltd. on May 31, along with new wells, meant a growth of 56 per cent in its sales volumes for the Kaybob division of the company.

Canaccord eyes Hong Kong license in BGF deal

The Globe & Mail reports Canaccord Financial's purchase of a stake in Asian brokerage firm BGF Equities gives it something it needs to ensure a chance at a role on one of the big transactions of later this year – a license to deal in Hong Kong. The license could come just in time. One of the biggest transactions on the horizon is the planned Hong Kong Stock Exchange initial public offering of Sunshine Oil Sands, which could reach $1 billion.

Oil sands challenges for foreign investors

International Law Office writes the oil sands developed slowly for many decades, outside of public scrutiny; however, international attention is now focused not only on their great promise, but also on their challenges.

A tale of cleaner tailings

John Broadhurst sizes up the sludge flowing out of a pipe into one of Suncor Energy Inc.’s tailings ponds and nods in approval.

Price pressures rising for oil sands operators

Apparently the big news out of Suncor Energy Inc.’s Thursday conference call, where it announced its second quarter results, is that it is taking a $514 million writedown on its Libyan oil assets.

Madagascar extends Total licence beyond oil sands

Madagascar has given French oil major Total a one-year extension of an exploration licence for the Bemolanga block shared with Madagascar Oil and expanded it to include conventional oil, a senior official told Reuters on Thursday. Madagascar Oil and Total announced earlier this month that it is scuttling plans to develop a 1.2bn barrel oil sand deposit on the island after three years of extensive work. The Bemolanga bitumen deposit was first drilled in the late 1800s and would have cost upwards of $8bn to bring into operation.