• 3 minutes e-car sales collapse
  • 6 minutes America Is Exceptional in Its Political Divide
  • 11 minutes Perovskites, a ‘dirt cheap’ alternative to silicon, just got a lot more efficient
  • 1 day GREEN NEW DEAL = BLIZZARD OF LIES
  • 5 days They pay YOU to TAKE Natural Gas
  • 2 days How Far Have We Really Gotten With Alternative Energy
  • 2 days What fool thought this was a good idea...
  • 5 days Why does this keep coming up? (The Renewable Energy Land Rush Could Threaten Food Security)
  • 57 mins A question...
  • 11 days The United States produced more crude oil than any nation, at any time.
Dave Forest

Dave Forest

Dave is Managing Geologist of the Pierce Points Daily E-Letter.

More Info

Premium Content

An Unexpected Oil Player Emerges in Canada

Unusual rumors in the energy M&A space last week.

Namely that the Canadian oil patch may soon get a new partner. One that's coming a long way to be there.

That's Pertamina. The national oil company of Indonesia.

The major oil firm said at a conference in Calgary that it is in talks with Canadian stalwart Talisman Energy. To take a stake in projects targeting the emerging Duvernay shale play in Alberta.

Pertamina officials confirmed they had been in lengthy data reviews with Talisman. And would continue with due diligence aimed at reaching a farm-in deal on the 352,000 acres Talisman holds in the Duvernay.

If the deal does get done, it will be an interesting barometer for the international oil scene. Showing that yet another major abroad is looking to North America as a source of growth.

There was a time when the roles here were reversed. With North American companies searching aggressively overseas for expansion assets. In fact, Talisman's relationship with Pertamina dates back to just such a deal--which saw the Canadian firm farm into five Indonesian blocks.

But today, upside in other nations is seen as limited. Especially compared to the discoveries emerging from unconventional plays across the U.S. and Canada.

The deal also points to some major shifts underway in the global energy balance. With Pertamina badly needing to up its international production. In order to replace Indonesian output that has been flagging the last several years.

The Talisman deal could thus be just the start of Pertamina's expansion. The company has said it would like to spend $50 billion over the next five years on upstream development--including mergers and acquisitions abroad. Meaning we might see this name popping up a lot more often when it comes to energy deals.

We'll see how much actually gets done. But the message is clear: North America's petro-star is still on the rise.

ADVERTISEMENT

Here's to going where the action is,

By Dave Forest


Download The Free Oilprice App Today

Back to homepage





Leave a comment

Leave a comment




EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News