• 5 minutes 'No - Deal Brexit' vs 'Operation Fear' Globalist Pushback ... Impact to World Economies and Oil
  • 8 minutes China has *Already* Lost the Trade War. Meantime, the U.S. Might Sanction China’s Largest Oil Company
  • 12 minutes Will Uncle Sam Step Up and Cut Production
  • 45 mins China has invested btw $30 - $40 Billon in Canadian Oil Sands. Trump should put 10% tariffs on all Chinese oil exported into or thru U.S. in which Chinese companies have invested .
  • 15 hours A legitimate Request: France Wants Progress In Ukraine Before Russia Returns To G7
  • 8 hours Danish Royal Palace ‘Surprised’ By Trump Canceling Trip
  • 8 hours US to Drown the World in Oil
  • 3 hours Used Thin Film Solar Panels at 15 Cents per Watt
  • 4 hours The Rarely Revealed Part of the Nuclear Problem
  • 10 hours Iran Is Winning Big In The Middle East
  • 8 hours With Global Warming Greenland is Prime Real Estate
  • 18 hours IS ANOTHER MIDDLE EAST WAR REQUIRED TO BOLSTER THE OIL PRICE
  • 8 hours Tit For Tat: China Strikes Back In Trade Dispute With U.S. With New Tariffs
  • 12 hours Strait Of Hormuz As a Breakpoint: Germany Not Taking Part In U.S. Naval Mission
  • 5 hours Trump cancels Denmark visit amid spat over sale of Greenland
  • 15 hours LA Solar Power/Storage Contract
  • 13 hours Philadelphia Energy Solutions seeks to permanently shut oil refinery - sources
The US Light Crude Wave In Europe

The US Light Crude Wave In Europe

Europe has been one of…

Electric Vehicles Will Win Big In A Recession

Electric Vehicles Will Win Big In A Recession

As the global automobile industry…

Koch Exits Canadian Oil Sands

Oil sands

Koch Industries has sold its oil sands assets to Canadian Cavalier Energy, the Financial Post reports, noting that the deal closed two months ago.

Cavalier is a subsidiary of family owned Paramount Resources.

The Globe and Mail cited information from the Alberta Energy Regulator, which said the assets involved in the sale consisted of five leases, with Koch abandoning the rest.

“The majority of Koch Oil Sands licences have been transferred to Paramount Resources Ltd. All of the remaining licences are for well sites and [they] have been abandoned, which means that they have been permanently sealed and taken out of service,” a spokesman for the Alberta Energy Regulator told the Globe and Mail.

Koch followed in the footsteps of other energy majors that decided to leave the Canadian oil sands over the past few years. Shell, ConocoPhillips, Equinor, and Devon Energy all left the oil sands to focus on lower-cost, quicker return projects.

In the years prior to the asset sale, Koch has blamed the Alberta NDP government for the regulatory uncertainty that, the company said, forced it to suspend a planned US$601-million (C$800-million) project in the province.

Even earlier than that, Koch said Canada’s signing of the Kyoto Accord on emissions reduction was the reason for it to abandon another project, Fort Hills, which would have sucked in some US$2.6 billion (C$3.5 billion) in investments. Fort Hills is now Suncor property and operating, despite the Kyoto Accord.

Regulatory obstacles are still one of the main reasons for the lukewarm investment climate in Alberta, according to industry insiders polled by the Daily Oil Bulletin earlier this year.

As many as two-thirds of the 150 respondents in the survey, which took place in April, said they were pessimistic about the immediate prospects of the oil and gas industry, the Daily Oil Bulletin said, with over a third being very pessimistic. To make the picture even grimmer, only 3 percent said they were very optimistic, with 27 percent expressing some degree of optimism.

By Irina Slav for Oilprice.com

More Top Reads from Oilprice.com:



Join the discussion | Back to homepage

Leave a comment
  • Bill Fahey on August 16 2019 said:
    Kochs can exit Canada and good riddance. We don't need their foreign influence in our poilitics. They've helped make a mockery of American democracy. Sadly, this American form of toxic right-wing poltics is invading Canada through alt-right conservative parties and leaders like Andrew Scheer and (sick in th head liike Trump) Maxime Berrnier.

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News
Download on the App Store Get it on Google Play