PanCanadian, Gulf launch heavy oil joint venture

PanCanadian Petroleum Ltd. and Gulf Canada Resources Ltd., both of Calgary, are combining heavy oil assets on the Alberta/Saskatchewan border in a new $400 million (Canadian) joint venture. The companies said combining operations on properties in the Lloydminster region will cut costs and share expertise while creating one of Canada's biggest heavy oil producers. The deal is expected to close in early May. The deal is also seen as another sign of resurgence in the heavy oil business in Canada as a result of improving oil prices and narrowing differentials with light oil prices. Alberta Energy Ltd., Calgary, another major heavy oil company, said it may increase its hea...

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