In the northern reaches of Alberta lies a vast reserve of oil that the U.S. views as a pillar of its future energy needs. China, with a growing appetite for oil that may one day surpass that of the U.S., is ready to spend the dollars for a big piece of it.
Oil Sands Mining News
On May 10, Shell announced the successful start of production from its Scotford Upgrader Expansion project in Canada. The 100,000 barrels-per-day expansion takes upgrading capacity at Scotford to 255,000 barrels-per-day of heavy oil from the Athabasca oil sands. “This start-up is an important milestone for our heavy oil business,” said Marvin Odum, Shell Upstream Americas Director. “And it adds new capacity from an important source of oil in a world requiring more secure energy.”
The IEA in Paris announed on Thursday a release of 60 million barrels from OECD inventories. The implications of this extraordinary action are not positive. Let’s first take a look at the most recent global production data, which shows the large downward move of supply coming into March 2011, from the loss of Libyan oil. IEA is pointing to this loss of supply as the prima causa for its decision.
Junior oilsands developer Athabasca Oil Sands Corp. has increased its reserve base by 10 per cent and will more than double its deep basin drilling program in northwestern Alberta, the company said.
Gov. Brian Schweitzer told ExxonMobil Corp. executives Friday that if they want to make friends in Montana they should construct some of the massive refinery modules destined for the Alberta oil sands region here in Big Sky Country.
Millions of tonnes of greenhouse gases coming from Alberta's oilsands will be pumped underground in a new $1.4-billion deal signed Friday by the province, Ottawa and Shell Canada Energy.
When the Canadian Energy Research Institute (CERI) released its sixth-annual oilsands update in May, it highlighted the bright investment future of the industry. The University of Calgary energy economics think-tank expects $2.1 trillion to be pumped into 47 new projects between 2010 and 2035.
Canada's Athabasca Oil Sands Corp. said it increased its net resource volume by 10 per cent and raised its capital expense to drill more wells. The bitumen producer will now spend $363.5 million in 2011 and expects to drill 14 wells, up from its earlier forecast of six wells, in the Deep Basin in Alberta.
Potential joint-venture partners have been intrigued by a hefty oil discovery Athabasca Oil Sands Corp. made by way of happy accident, said the company's top executive.
Bloomberg reports that Oil plunged on concern that poor U.S. economic growth will reduce demand. The market news is quoted as saying: The IEA announced the release of 2 million barrels a day for 30 days yesterday to make up for supplies choked off by an armed rebellion in Libya. The U.S. Strategic Petroleum Reserve will provide 30 million barrels, European members will supply about 20 million and Asian nations the remainder.
Galena Capital Corp. (TSX VENTURE: FYI) (the "Company" or "Galena"), a TSX Venture Exchange listed company, has received the initial independent report on the previously announced (May 30, 2011 News Release) Imperial Petroleum Inc. (Imperial) Oil Sands Recovery Demonstration.
IBTimes reports that the release of reserve oil caused commodity prices to drop across the board with the greatest toll affecting the precious metals markets.
Imperial Petroleum, Inc. announced that it has purchased the exclusive rights to manufacture, distribute and use MDEChem’s patented chemical catalyst in the recovery of oil from tar sands. MDEChem will receive an upfront payment plus an ongoing royalty from sales of the product. Imperial had previously announced the formation of Arrakis Oil Recovery, LLC, a wholly-owned subsidiary, which owns licensed technology that uses SANDKLENE 950 in its oil sands recovery technology.
Understanding the environmental impacts of the oil sands, advances in health research illuminated by synchrotron light, and the role that synchrotron techniques play in nuclear energy research are all topics for discussion by scientists from around the world during the Canadian Light Source's 14th Annual Users' Meeting June 24 and 25.
The caribou population in the Athabasca Oil Sands area in Alberta, Canada could be extinct in 30 years due to human activity, according to new research. Wolves have been blamed for the dwindling caribou population in parts of Alberta, but research published in the June issue of Frontiers in Ecology and the Environment says human activity related to oil production and the timber industry could be more important than wolves in the caribou population decline.
Canada's Athabasca Oil Sands Corp said it increased its net resource volume by 10 percent and raised its capital expense to drill more wells.
In its latest Quarterly Commodities Review, Société Générale takes the view that , at a "time of significant doubt for the outlook for the global economy" the recovery is sustainable and the bank is looking for a stronger second half-year. Headwinds persist, however, and the recovery in the advanced economies is likely to remain relatively sluggish.
New Statscan data on the first quarter population estimates for the country and the provinces shows Alberta's population reached 3,758,200 at the end of March, an increase of just under 15,500 since the start of the year. Net inflows were the highest since 2006.
The House Energy and Commerce Committee is slated to vote on a bill aimed at accelerating federal approval of a controversial pipeline that would expand U.S. imports from Canada’s oil sands projects. The oil industry-backed bill – which House GOP leadership hopes to bring before the full chamber this summer – would require an Obama administration decision on the proposed Keystone XL pipeline by Nov. 1.
Beginning of Story Content Humans, not wolves, are behind declining caribou populations in Alberta's oilsands region, an analysis of animal feces shows. The same research also found there may be many more caribou in the region than previously thought,
Canada’s most valuable oil companies Suncor and Canadian Natural Resource – together worth over $100bn – were trading down over 3% on Thursday before recovering some ground following news that 2m barrels of oil per day - equal to Canada's total daily exports to the US – will be released onto the market over the next month. The International Energy Agency said 28 of its members, with the US providing about half of the total, would tap their strategic oil reserves in an effort to make up for lost output as Libya's civil war drags on.
Bloomberg reports that commodities dropped the most in seven weeks after the International Energy Agency announced plans to release emergency oil supplies.Gold for August delivery fell 2.4 percent to $1,516.60 an ounce, the first drop in eight sessions, and palladium for immediate delivery declined 2.2 percent to $747.25 an ounce.
Canadian Business reports merger and acquisition activity is expected to increase in Canada's oilpatch this year, as energy executives take a brighter view of their sector's prospects, according to a study released Wednesday. But the positive outlook is dampened somewhat by cost escalation for labour and equipment, the Ernst & Young report said. In 2010 Canadian energy M&A activity was dominated by oil sands. While the $4.65bn Sinopec-Syncrude deal was the largest the total the number of oil sands transactions tripled.
Calgary Herald reports Calgary-based Connacher Oil & Gas Ltd. said it, along with Alberta Oil Sands Inc., will sell the entire working interest in Halfway Creek oilsands leases in northeast Alberta to focus on its core Great Divide assets. Connacher Oil, which owns oilsands leases in Alberta, holds 50 per cent in Halfway Creek, while the remaining is held by Alberta Oil Sands.
Timing is everything in the market and being able to spot trends is critical for locking in attractive returns. Natural gas producers have taken a beating over the past three years but there are encouraging signs that natural gas might be ready for a break to the upside.