• 4 minutes USGS Announces Largest Continuous Oil Assessment in Texas and New Mexico
  • 10 minutes IT IS FINISHED. OPEC Victorious
  • 16 minutes GOODBYE FOREIGN OIL DEPENDENCE!!
  • 10 hours The Great Climate Change Swindle
  • 41 mins Paris Is Burning Over Climate Change Taxes -- Is America Next?
  • 3 hours End of EV Subsidies?
  • 42 mins Price Decline in Chinese Solar Panels
  • 3 hours Maersk's COO statment.
  • 1 day S. Australia showing the way
  • 12 hours China Builds LNG Icebreaker
  • 15 hours Exxon buys green power.
  • 21 hours More OPEC Members May Leave
  • 5 hours EPA To Roll Back Carbon Rule On New Coal Plants
  • 52 mins Trump accuses Google Of Hiding 'Fair Media' Coverage of him
  • 2 days Not only GM: Morgan Stanley Predicts Ford to Cut 25,000 Jobs in Overhaul
  • 1 day Feudalism: The Most Resilient System?
Alt Text

Is This The Most Crucial Factor For Oil In 2019?

Weakness in global equities and…

Alt Text

Iran: Oil To Fall To $40 If OPEC Fails To Reach Deal

Iran, one of OPEC’s largest…

Alt Text

The U.S. Pipeline Industry Is Booming

U.S. oil and gas production…

MINING.com

MINING.com

MINING.com is a web-based global mining publication focusing on news and commentary about mining and mineral exploration. The site is a one-stop-shop for mining industry…

More Info

Trending Discussions

Is This The Beginning Of An Oil Sands Revival?

New life was breathed into the Canadian oil sands with a decision by foreign-owned Harvest Operations Corp to commission its BlackGold project south of Fort McMurray.

The Calgary-based arm of South Korean state-owned Korea National Oil Corp announced on Dec. 21 it will start the 10,000 barrels of oil per day (bopd) steam-assisted gravity drainage (SAGD) operation, construction at which was halted in 2015 due to low oil prices.

In a press release on SEDAR, Harvest said that major work at the site has already started, with the aim of commissioning wells and starting steam injection in Q2 2018. Production is slated for the third quarter.

It cites "the stabilization of crude oil pricing and the improved operational and financial performance of Harvest’s conventional business as factors in its decision to move forward with BlackGold."

The start-up has been helped through a refinancing of $1.36 billion of maturing debt, plus the raising last month of an additional quarter-million in financing, the company said.

Global News notes the project was built for around $900 million and was "considered mechanically complete" when it was shelved in the spring of 2015 when WTI oil prices were around $50 a barrel, half as much as a year earlier.

WTI on Thursday closed at $59.84, for a percentage gain of 0.34%. Related: 2018: The Year Of The Oil Bulls

The Canadian oil sands have seen an exodus of foreign investment since the oil price collapse of 2014 and US shale plays gathered momentum. The divestments have included Royal Dutch Shell, Marathon Oil, Statoil and ConocoPhillips.

Yesterday AXA SA, the third-largest insurer in the world, said that it will divest about $822 million from the main oil sands producers and associated pipelines, and will stop further investments in these businesses. The move could affect companies such as TransCanada, Enbridge and Kinder Morgan.

But as foreign companies have pulled out money, Canadian firms have made multi-billion-dollar deals to expand their holdings. According to energy consultancy Wood Mackenzie, Canadian ownership of oil sands production now sits at over 80%, reported the Calgary Herald.

By Mining.com

More Top Reads From Oilprice.com:




Back to homepage

Trending Discussions


Leave a comment
  • George Shawnessey on January 07 2018 said:
    Oil Sands are the filthiest energy source imaginable. Good think they won't be profitable unless oil sells for $100 per barrel, which will never happen.

Leave a comment




Oilprice - The No. 1 Source for Oil & Energy News
-->