Oil Sands Mining News

Mining truck tires now pricier than a Merc

China's insatiable demand for commodities has prompted a tripling in the price of mining truck tyres, making them more expensive than a Mercedes sportscar. Prices for tyres about 3.5 meters wide used on the Caterpillar trucks that haul iron ore and coal have touched $93,500 on the spot market, according to Leighton Holdings, a contractor for mining companies including BHP Billiton. Prices rose as high as $140,000 in 2008.

SilverBirch projects $22.9-billion on Frontier project

SilverBirch Energy Corp. has provided an update on the Frontier and Equinox oil sands mining project including the results of the design basis memorandum (DBM) study and information regarding the preliminary capital cost estimates.

Suncor upgraded to Outperform – analyst blog

We have upgraded Canada’s biggest energy firm and the largest oil sands outfit Suncor Energy Inc. (NYSE:SU) to Outperform from Neutral, reflecting the company’s impressive portfolio of growth opportunities, unique asset base and high return potential in the long run.

Stop-work order lifted at Horizon site

CNRL is getting closer to being back to full production at its Horizon oil sands facility.Occupational Health and Safety has lifted the stop-work order that's been in effect since an explosion injured four workers in January.

Council Gets First Hand Look At Oilsands

Turner Valley Mayor Kelly Tuck and some of her council colleagues spent a little time at the oil sands in Fort McMurray this spring. They were taking part in workshops on dealing with big industry and remediation projects. Tuck says they were kept busy.

Greatest threat to caribou herd in Canada isn't from wolves

Humans are a much bigger problem than wolves for a caribou herd in the oil sands area of Alberta, Canada, scientists reported last week in Frontiers in Ecology. Studies of scat of moose, caribou and wolves in the area showed that caribou accounted for

Canada oil sands now worth more than coal, crude and gas combined

The value of Canada's oilsands grew by 2,220% to $441bn from $19bn between 1990 and 2009, according to a Statistics Canada study released on Tuesday. That put the value of crude bitumen from the oilsands higher than the value of coal, crude oil and natural gas combined. In 1990, oil sands reserves under active development amounted to around 500m cubic metres; by 2008, they had increased eight-fold to 4,300m cubic metres, thanks to improvements in extraction technology, new discoveries and an increase in the global demand for crude oil.

Oil Sands and Heavy Oil Technologies Conference and Exhibition 2011

The Oil Sands and Heavy Oil Technologies (OSHOT) Conference & Exhibition is the premier showcase for innovative technologies and solutions aimed at providing answers to the unique issues in the oil sands

U.S. climate protests shift to blocking Keystone XL pipeline approval

Reuters reports that the advocacy organization 350.org is organizing a protest against Keystone XL, a proposed heavy oil pipeline. The market news is quoted as saying, A summons for civil disobedience at 1600 Pennsylvania Avenue this summer indicates they (conservationists) are unwilling to be anywhere near as lenient about a lightning rod of a proposed pipeline. It’s known as the Keystone XL and it could pump millions more barrels of heavy crude from Alberta, Canada’s oil sands mines to refineries along the U.S. Gulf Coast if the federal government greenlights it.

Oilsands Quest Trades at a New 52-Week Record Low (BQI)

Shares of Oilsands Quest (AMEX:BQI) traded at a new 52-week low yesterday of $0.31. Approximately 703,000 shares have traded hands yesterday vs. average 30-day volume of 903,000 shares.

The poorly timed oil release could cost taxpayers $1.5 billion

The world crude oil market has been rocked by the surprise announcement of the International Energy Agency (IEA) to release 60 million barrels of oil from member countries’ strategic petroleum reserves (SPR). The US led the effort by chipping in 50% of the planned release, while Japan, Germany, France, Spain and Italy are providing most of the rest.

Saskatchewan trumps Manitoba as top Canadian province for oil and gas investment, Alberta improves score in global petroleum survey

Saskatchewan has overtaken Manitoba as the best place in Canada for oil and gas investment, the Fraser Institute's annual survey of the petroleum executives and managers found. But Saskatchewan fell just short of finishing among the top 10 jurisdictions globally, ranking 11th overall in the survey of 136 jurisdictions, according to the public policy research institute's 178-page Global Petroleum Survey 2011, which was released today

Shell secures $876m for first oil sands upgrader carbon capture facility

Shell has signed an agreement with the Alberta and Canadian governments to ensure $865 million in funding is plugged into a project to capture and store some 1 million tonnes of CO₂ released from its upgrader near Edmonton. The facility processes heavy oil from the Athabasca oil sands and the Quest Carbon Capture and Storage (CCS) Project comes after Shell’s announcement to expand its 100,000 barrels a day Athabasca project to 255,000 barrels per day.

Statoil production milestone in Canada

Norway's energy producer Statoil announces that its Leismer Demonstration Project (LDP) in northern Alberta, Canada, has achieved a production milestone of one million accumulated barrels of oil, Norway Post reported.

Ironhorse announces first quarter 2011 financial and operating results

CALGARY, June 23, 2011 /CNW/ - Ironhorse Oil & Gas Inc. ("Ironhorse" or the "Company") (TSXV: IOG) has released its financial and operating results for the period ended March 31, 2011.

Alberta Oilsands Inc. reviewing year end Clearwater reserves

Alberta Oilsands Inc. (TSX - VX: AOS), (the "Company" or "AOS") and its independent reserve evaluator, Ryder Scott Company Canada - Petroleum Consultants ("Ryder Scott"), are in the process of reviewing and revising the Clearwater reserves assignment as set forth in the Estimated Future Reserves and Income Attributable to Certain Leasehold and Royalty Interest, Clearwater West Area, Fort McMurray report dated April 27, 2011 and effective December 31, 2010 (the "Report") as prepared by Ryder Scott.

China, US counting on Alberta's huge oil sand reserves

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.

Playing Cat and Mouse with Global Oil

Oil markets took another dose of global geopolitics this week when the International Energy Agency (IEA) unexpectedly announced that it would be releasing 60 million barrels of oil from strategic petroleum reserves (SPR) around the globe.

China eyes Canada oil, U.S.'s energy nest egg

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.

Expansion of oil sands upgrader goes on-stream

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 dark side of the OECD oil inventory release

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.

Athabasca increases reserves

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.

Schweitzer says Exxon should build megaloads in Montana

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.

$2-B carbon-capture plan for oilsands

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.

Oilsands investments will deliver benefits across North America

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.