• 3 minutes Biden Seeks $2 Trillion Clean Energy And Infrastructure Spending Boost
  • 5 minutes While U.S. Pipelines Are Under Siege, China Streamlines Its Oil and Gas Network
  • 8 minutes Gazprom fails to exempt Nord Stream-2 from EU market rules
  • 3 hours China wields coronavirus to nationalize American-owned carmaker
  • 12 hours Trumpist lies about coronavirus too bad for Facebook - BANNED!
  • 15 hours The Truth about Chinese and Indian Engineering
  • 14 hours China's impending economic meltdown
  • 3 hours Renewables Overtake Coal, But Lag Far Behind Oil And Natural Gas
  • 17 hours Why Oil could hit $100
  • 1 day The World is Facing a Solar Panel Waste Problem
  • 3 days The Core Issue Of US Chaos..Finally disclosed
  • 1 day Pompeo upsets China; oil & gas prices to fall
  • 5 hours Open letter from Politico about US-russian relations
  • 19 hours Brent above $45. Holding breath for $50??
  • 7 hours Rational analysis of CV19 from Harvard Medical School
  • 2 days Sell Natural Gas Benefits to Grow the Market!
  • 2 days Trump Suggests Delaying Election Amid Fraud Claims
COVID Fears Drive Oil Prices Downwards

COVID Fears Drive Oil Prices Downwards

Despite significant oil inventory declines…

Tsvetana Paraskova

Tsvetana Paraskova

Tsvetana is a writer for Oilprice.com with over a decade of experience writing for news outlets such as iNVEZZ and SeeNews. 

More Info

Premium Content

Canada’s Oil Sands Open Up To Chinese Investment

Canada is inviting Chinese companies to invest in its oil sands, Canada’s Natural Resources Minister Jim Carr said on Thursday, after an exodus in the past few months saw international oil majors selling a total of US$23 billion worth of assets to domestic producers.

Speaking at a conference call to reporters during his trip to China, Carr said “We think there are opportunities and we laid out, along with experts from industry, what we believe to be opportunities for them,” as quoted by Reuters.

“We would welcome investment from any nation that’s interested in the oil sands,” the minister noted, without giving details of what kind of Chinese investment Canada would see as welcome. The government is interested in discussing proposals case by case, he said.

Chinese firms, including PetroChina, CNOOC, and Sinopec had invested in Canada’s oil sands industry between 2005 and 2012.

But now, with the price of oil at around US$50, which is half of what oil prices were in 2012, and Canada’s oil sands one of the most expensive projects to develop, not many international companies are seeing returns from investing in new projects there. Related: How Oil Tech Saved This Permian Town

According to GMP FirstEnergy analyst Michael Dunn, who spoke to Reuters:

“It’s probably a question not of investing, but whether or not they sell. Non-Canadian entities have been selling the oil sands, why would the Chinese be different?”

Earlier this year, Shell said it was selling oil sands interests to Canadian Natural Resources for around US$8.5 billion, as part of its strategy to focus on free cash flow and higher returns on capital, and prioritize businesses such as integrated gas and deep water.

ConocoPhillips announced the sale of oil sands assets in Canada to Cenovus in a US$13.3 billion deal, while Norway’s Statoil has sold its entire oil sands operations in Alberta to Athabasca Oil Corporation.

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:


Download The Free Oilprice App Today

Back to homepage





Leave a comment

Leave a comment




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