Oil Sands

Surprising to many, Canada is the No. 1 oil exporter to the United States. Increasingly, these supplies come from Canada’s oil sands in northern Alberta. That province’s estimated oil sands deposits are in excess of 1.7 trillion barrels of crude bitumen. More than $91 billion has been invested in the oil sands in recent years and over $170 billion in oil sands-related projects. Venezuela and California are also heavy oil producers.

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Canadian Oil Sands
Canadian Oil Sands

Oil Sands News

ESAI sees $70-90/bbl oil over next 2 years

May 6, 2010

In its latest Stockwatch Quarterly Review, Energy Security Analysis Inc. (ESAI), Boston, forecasts that over the next 2 years, the fundamentally sustainable price range for crude is $70-90/bbl.

CHINA'S ENDOWMENT—2: China assesses unconventional land oil shale, oil sands, coal gas resources

Apr 26, 2010 The China National Petroleum Assessment (2003-07) evaluated coalbed methane, oil shale, and oil sands resources in Chinese onshore basins.

Trains moving Bakken crude

Apr 26, 2010 More oil companies are being drawn to explore, develop, and produce crude oil in the Bakken formation in North Dakota and Montana only to discover limited pipeline takeaway capacity exists for transporting their oil to market.

NEB notes shift toward BC in Canadian natural gas deliverability

Apr 26, 2010 Gas deliverability in Canada will continue to decline through 2012 as production falls in Alberta and rises in British Columbia, says the National Energy Board.

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Apr 26, 2010

MARKET WATCH: Crude takes largest 1-day loss since February

Apr 19, 2010

The price of the front-month crude contract continued to fall Apr. 16 in the New York market, dropping 2.65% to close slightly above $83/bbl in the largest 1-day percentage decline since early February as it followed the equity market down after the US Securities and Exchange Commission charged The Goldman Sachs Group Inc. with fraud over subprime-related trades of financial securities.

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Apr 19, 2010

API: US gasoline production broke record in March

Apr 16, 2010

US refineries produced more gasoline in March—an average 9.3 million b/d—than any previous month on record, the American Petroleum Institute said.

Sinopec to buy ConocoPhillips stake in Syncrude

Apr 12, 2010

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.

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Apr 12, 2010

Nexen appoints executive vice-president

Apr 8, 2010

Nexen Inc. has appointed Matt Fox as executive vice-president, international oil and gas. Fox succeeds Laurence Murphy, who retired in late 2009.

China refinery tests asphaltenes extraction process

Apr 5, 2010 As global reserves of conventional crude oil continue to decline, increased reliance on heavy and ultraheavy feedstocks will result in higher upgrading costs and more importantly a comparatively larger carbon footprint.

ConocoPhillips shedding assets, keeping part of Lukoil

Mar 24, 2010

ConocoPhillips on Mar. 24 reiterated its plans to shed $10 billion in assets during 2010-11.

Shell to divest 15% of its refining capacity

Mar 22, 2010 Royal Dutch Shell PLC forecast its production will climb 11% during 2009-12, saying it plans to cut costs by divesting 15% of its refining capacity and 35% of its retail markets.

Editorial: Alberta's royalty retreat

Mar 22, 2010 Alberta is trying to correct its oil and gas royalty mistake of 2007.
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