CNOOC acquires stake in Alberta oil sands

By OGJ editors
HOUSTON, Apr. 12 -- State-owned CNOOC Ltd. of China said its subsidiary, CNOOC Belgium, agreed to buy a 16.69% stake in privately owned MEG Energy Corp., Calgary, for $150 million (Can.), giving CNOOC entry into Alberta oil sands acreage.

MEG owns 100% interest in oil sand leases covering 32,900 acres with estimated potential of 2 billion bbl.

"This move provides a good chance for us to exploit the advanced technology and expertise of oil sand development," said CNOO Chairman and CEO Fu Chengyu. "These skills may help facilitate the exploitation of oil sand and shale in China, where large reserves of oil sand and shale were found in recent years."

Related Articles

BLM finalizes oil shale regulations; leasing unlikely for 5-10 years

11/28/2008 The US Bureau of Land Management published final regulations on Nov. 17 to establish a commercial oil shale development program on public lands in ...

'Alaska's methane hydrates can be developed now'

11/28/2008 US Sen. Lisa Murkowski (R-Alas.), on Nov. 12 in response to a US Geological Survey report indicating that up to an additional 157.8 trillion cubic ...

USGS estimates 2.4 Tcf of gas lies beneath eastern Oregon, Washington

10/31/2008 An estimated 2.4 trillion cubic feet of natural gas and 9.8 million bbl of natural gas liquids lie beneath eastern Oregon and Washington, the US Ge...

DOE successfully generates electricity from producing well's hot water

10/24/2008 Electricity has been generated successfully from a producing oil well's geothermal hot water for the first time, the US Department of Energy's Foss...

Careers at TOTAL

Careers at TOTAL - Videos

More than 600 job openings are now online, watch videos and learn more!

 

Click Here to Watch

Other Oil & Gas Industry Jobs

Search More Job Listings >>
Stay Connected