• 3 minutes Oil Price Could Fall To $30 If Global Deal Not Extended
  • 8 minutes Why Is America (Texas) Burning Millions of Dollars Per Day Of Natural Gas?
  • 11 minutes Is $60/Bbl WTI still considered a break even for Shale Oil
  • 15 minutes CNN:America's oil boom will break more records this year. OPEC is stuck in retreat
  • 14 mins The Pope: "Climate change ... doomsday predictions can no longer be met with irony or disdain."
  • 13 hours Hormuz and surrounding waters: Energy Threats to the World: Oil, LNG, shipping markets digest new risks after Strait of Hormuz attack
  • 17 hours As Iran Nuclear Deal Flounders, France Turns To Saudi For Oil
  • 13 hours The Magic and Wonders of US Shale Supply: Keeping energy price shock minimised: US oil supply keeping lid on prices despite global risks: IEA chief
  • 22 hours Middle East on brink: Oil tankers attacked off Oman
  • 16 hours Never Knew Gasoline Prices were this important!
  • 15 hours (Un)expectedly: UK Court Sets Assange U.S. Extradition Hearing For February 2020
  • 13 hours Russia removes special military forces from Venezuela . . . . Maduro gone by September ? . . . Oil starts to flow ? Think so . .
  • 1 day Middle East Attack Jolts Oil-Import Dependent Asia
  • 1 day Magic of Shale: EXPORTS!! Crude Exporters Navigate Gulf Coast Terminal Constraints
  • 4 hours Plants are Dying
  • 10 hours We Are Better Than This
  • 1 day Emmissions up, renewables nowhere
Alt Text

Tanker Strikes Spell Doomsday Scenario For OPEC

Today’s oil tanker attacks in…

Alt Text

Oil Inches Higher On Falling Rig Count

Oil prices inched higher at…

Alt Text

Escalating Trade War Signals More Pain For Oil

The quick resolution of the…

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

Trending Discussions

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

Trending Discussions


Leave a comment

Leave a comment





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