• 2 minutes U.S. Presidential Elections Status - Electoral Votes
  • 5 minutes “Cushing Oil Inventories Are Soaring Again” By Tsvetana Paraskova
  • 7 minutes United States LNG Exports Reach Third Place
  • 47 mins Biden suspends oil and gas drilling on Federal Lands for 60 days for review.
  • 5 hours China sends warplanes thru Taiwan airspace. Joe's reponse . . . .
  • 17 mins Jim Rickards: Brace for a Great Escape from the Dollar and a Flood of Money into Gold and Bitcoin
  • 49 mins Joe Biden's Presidency
  • 1 hour SUVs are conquering the world
  • 40 mins The World Economic Forum & Davos - Setting the agenda on fossil fuels, global regulations, etc.
  • 47 mins BIG TECH or BIG BROTHER?? 1984 to Become Reality ??
  • 11 hours Minerals, Mining and Industrial Ecology
  • 3 hours GENERAL NORMAN SCHWARZKOPF: The Third Tour
  • 1 day Here it is, the actual Complaint filed by Dominion Voting Machines against Sydney Powell
  • 4 hours Biden's Green Energy Policy
  • 4 hours 'Get A Loan,' Commerce Chief Tells Unpaid Federal Workers
  • 1 day Navalny Poisoning Weakens Russo German Relations
Egypt Looks To Resume LNG Exports As Prices Rise

Egypt Looks To Resume LNG Exports As Prices Rise

Considering that both of Egypt’s…

How Hydrogen Could Power The Ultimate Battery

How Hydrogen Could Power The Ultimate Battery

An Australian company has developed…

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

Why China’s Oil Majors Aren’t Leaving Canada’s Oil Patch

China’s state-held oil majors are staying in Canada’s oil sands despite challenges in production growth, unlike major European and U.S. firms that have bailed out of the higher-cost Canadian oil patch.

The three giant Chinese oil companies—PetroChina, CNOOC, and Sinopec—tell Dan Healing of The Canadian Press that they are committed to their Canadian operations, while analysts say that the Chinese energy behemoths can afford to not make too much profit from their Canadian operations. The Chinese majors can afford to operate in the capital intensive and not spectacularly profitable Canadian oil patch, Jia Wang, deputy director of the China Institute at the University of Alberta, told The Canadian Press.  

The Chinese oil majors want to stay and develop their operations in Canada despite some operational difficulties. This approach is in contrast to the exodus of oil supermajors from Canada’s oil sands in 2017, when large oil companies sold their oil sands operations or parts of them to Canadian operators.

In 2017, Shell sold 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. The same year, ConocoPhillips announced the sale of oil sands assets in Canada to Cenovus in a US$13.3 billion deal, while Norway’s Statoil—now Equinor—sold its entire oil sands operations in Alberta to Athabasca Oil Corporation.

This year, the exodus continued, with U.S. Devon Energy selling its Canadian business to Canadian Natural Resources as part of its plan to focus on growing its oil production in the United States. Koch Industries is also understood to have sold its oil sands assets to Canadian Cavalier Energy.

But PetroChina, CNOOC, and Sinopec are staying in Canada, and Wang thinks they won’t back out any time soon.

“PetroChina Canada is committed to Canada for the long-term, having maintained its investments through economically challenging times,” spokesman Davis Sheremata told The Canadian Press in an emailed statement.

CNOOC spokesman Kyle Glennie also told The Canadian Press the company remains committed to its oil sands operations.

By Tsvetana Paraskova for Oilprice.com

More Top Reads Form 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