Sinopec to buy ConocoPhillips stake in Syncrude

By OGJ editors
HOUSTON, Apr. 12
-- Sinopec International Exploration & Production Co. agreed to buy 9.03% interest from ConocoPhillips in the Syncrude oil sands joint venture in Alberta for $4.65 billion.

The transaction, subject to approvals by Canadian and Chinese governments, is anticipated to close in the third quarter.

“This is an important step in the $10 billion divestiture program which we announced last October,” said Jim Mulva, ConocoPhillips chairman and chief executive officer.

Chinese oil and gas companies have boosted their investments abroad since 2008, having committed billions of dollars into developing large fields in the Middle East and elsewhere (OGJ, Feb. 8, 2010, p. 21).

Related Articles

MARKET WATCH: NYMEX crude oil prices holding under $50/bbl

03/03/2015 The contract for US light, sweet crude oil for April delivery declined modestly on the New York market Mar. 2 holding under $50/bbl while Brent cru...

Update of earlier NAM study still finds EPA ozone proposal costly

03/02/2015 The US Environmental Protection Agency’s proposed 65 ppb ozone standard could reduce US gross domestic product by $140 billion/year and create $1.1...

Pennsylvania governor asks Obama for stronger crude-by-rail rules

03/02/2015 Noting that 60-70 trains/week carry Bakken crude oil across Pennsylvania to the Philadelphia area or other East Coast refineries, Gov. Tom Wolf (D)...

LetterOne completes purchase of RWE Dea for €5.1 billion

03/02/2015 Russian investment firm LetterOne Group and Germany’s RWE AG have completed LetterOne’s acquisition of RWE Dea for an enterprise value of €5.1 bill...

Total to take operatorship of Elk-Antelope field

03/02/2015 Total SA has been unanimously voted operator of the joint venture operating Elk-Antelope gas field in petroleum retention license 15 in the eastern...

Tap Oil ownership under siege by Northern Gulf Petroleum

03/02/2015

Tap Oil Ltd., Perth, is under siege from Thai millionaire Chatchai Yenbamroong’s Northern Gulf Petroleum (NGP).

MARKET WATCH: NYMEX crude oil prices end February with a gain

03/02/2015 The contract for US light, sweet crude oil for April delivery rose more than $1/bbl Feb. 27, and analysts said February marked the first monthly ga...

IHS: Crude transported by Keystone XL would be consumed in US

03/02/2015 Most, if not all, of the crude oil that would be transported via the proposed Keystone XL pipeline to the US Gulf Coast would not be exported, and ...

Method improves high-pressure settle-out calculations

03/02/2015 Settle-out calculations in natural gas systems need to be sufficiently rigorous accurately to predict settle-out under various operating conditions...
White Papers

Three Tips to Improve Safety in the Oil Field

Working oil fields will always be tough work with inherent risks. There’s no getting around that. Ther...
Sponsored by

Pipeline Integrity: Best Practices to Prevent, Detect, and Mitigate Commodity Releases

Commodity releases can have catastrophic consequences, so ensuring pipeline integrity is crucial for p...
Sponsored by

AVEVA’s Digital Asset Approach - Defining a new era of collaboration in capital projects and asset operations

There is constant, intensive change in the capital projects and asset life cycle management. New chall...
Sponsored by

Transforming the Oil and Gas Industry with EPPM

With budgets in the billions, timelines spanning years, and life cycles extending over decades, oil an...
Sponsored by

Asset Decommissioning in Oil & Gas: Transforming Business

Asset intensive organizations like Oil and Gas have their own industry specific challenges when it com...
Sponsored by

Squeezing the Green: How to Cut Petroleum Downstream Costs and Optimize Processing Efficiencies with Enterprise Project Portfolio Management Solutions

As the downstream petroleum industry grapples with change in every sector and at every level, includin...
Sponsored by

7 Steps to Improve Oil & Gas Asset Decommissioning

Global competition and volatile markets are creating a challenging business climate for project based ...
Sponsored by

The impact of aging infrastructure in process manufacturing industries

Process manufacturing companies in the oil and gas, utilities, chemicals and natural resource industri...
Sponsored by
Available Webcasts


OGJ's Midyear Forecast 2015

When Fri, Jul 10, 2015

This webcast is to be presented by OGJ Editor Bob Tippee and Senior Economic Editor Conglin Xu.  They will summarize the Midyear Forecast projections in key categories, note important changes from January’s forecasts, and examine reasons for the adjustments.

register:WEBCAST


Predictive Analytics in your digital oilfield - Optimize Production Yield and Reduce Operational Costs

When Tue, Jul 7, 2015

Putting predictive analytics to work in your oilfield can help you anticipate failures, plan and schedule work in advance, eliminate emergency work and catastrophic failures, and at the same time you can optimize working capital and improve resource utilization.  When you apply analytic capabilities to critical production assets it is possible to reduce non-productive time and increase your yield.

Learn how IBM's analytics capabilities can be applied to critical production assets with the goal of reducing non-productive time, increasing yield and reducing operations costs.

register:WEBCAST



On Demand

Cognitive Solutions for Upstream Oil and Gas

Fri, Jun 12, 2015

The oil & gas sector is under pressure on all sides. Reserves are limited and it’s becoming increasingly expensive to find and extract new resources. Margins are already being squeezed in an industry where one wrong decision can cost millions. Analyzing data used in energy exploration can save millions of dollars as we develop ways to predict where and how to extract the world’s massive energy reserves.

This session with IBM Subject Matter Experts will discuss how IBM Cognitive Solutions contribute to the oil and gas industry using predictive analytics and cognitive computing, as well as real time streaming for exploration and drilling.

register:WEBCAST


The Alternative Fuel Movement: Four Need-to-Know Excise Tax Complexities

Thu, Jun 4, 2015

Discussion on how to approach, and ultimately embrace, the alternative fuel market by pulling back the veil on excise tax complexities. Taxes may be an aggravating part of daily operations, but their accuracy is crucial in your path towards business success.

register:WEBCAST


Emerson Micro Motion Videos

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