• 33 mins Syrian Rebel Group Takes Over Oil Field From IS
  • 3 days PDVSA Booted From Caribbean Terminal Over Unpaid Bills
  • 3 days Russia Warns Ukraine Against Recovering Oil Off The Coast Of Crimea
  • 3 days Syrian Rebels Relinquish Control Of Major Gas Field
  • 3 days Schlumberger Warns Of Moderating Investment In North America
  • 3 days Oil Prices Set For Weekly Loss As Profit Taking Trumps Mideast Tensions
  • 3 days Energy Regulators Look To Guard Grid From Cyberattacks
  • 3 days Mexico Says OPEC Has Not Approached It For Deal Extension
  • 3 days New Video Game Targets Oil Infrastructure
  • 3 days Shell Restarts Bonny Light Exports
  • 3 days Russia’s Rosneft To Take Majority In Kurdish Oil Pipeline
  • 3 days Iraq Struggles To Replace Damaged Kirkuk Equipment As Output Falls
  • 4 days British Utility Companies Brace For Major Reforms
  • 4 days Montenegro A ‘Sweet Spot’ Of Untapped Oil, Gas In The Adriatic
  • 4 days Rosneft CEO: Rising U.S. Shale A Downside Risk To Oil Prices
  • 4 days Brazil Could Invite More Bids For Unsold Pre-Salt Oil Blocks
  • 4 days OPEC/Non-OPEC Seek Consensus On Deal Before Nov Summit
  • 4 days London Stock Exchange Boss Defends Push To Win Aramco IPO
  • 4 days Rosneft Signs $400M Deal With Kurdistan
  • 4 days Kinder Morgan Warns About Trans Mountain Delays
  • 4 days India, China, U.S., Complain Of Venezuelan Crude Oil Quality Issues
  • 5 days Kurdish Kirkuk-Ceyhan Crude Oil Flows Plunge To 225,000 Bpd
  • 5 days Russia, Saudis Team Up To Boost Fracking Tech
  • 5 days Conflicting News Spurs Doubt On Aramco IPO
  • 5 days Exxon Starts Production At New Refinery In Texas
  • 5 days Iraq Asks BP To Redevelop Kirkuk Oil Fields
  • 6 days Oil Prices Rise After U.S. API Reports Strong Crude Inventory Draw
  • 6 days Oil Gains Spur Growth In Canada’s Oil Cities
  • 6 days China To Take 5% Of Rosneft’s Output In New Deal
  • 6 days UAE Oil Giant Seeks Partnership For Possible IPO
  • 6 days Planting Trees Could Cut Emissions As Much As Quitting Oil
  • 6 days VW Fails To Secure Critical Commodity For EVs
  • 6 days Enbridge Pipeline Expansion Finally Approved
  • 6 days Iraqi Forces Seize Control Of North Oil Co Fields In Kirkuk
  • 6 days OPEC Oil Deal Compliance Falls To 86%
  • 7 days U.S. Oil Production To Increase in November As Rig Count Falls
  • 7 days Gazprom Neft Unhappy With OPEC-Russia Production Cut Deal
  • 7 days Disputed Venezuelan Vote Could Lead To More Sanctions, Clashes
  • 7 days EU Urges U.S. Congress To Protect Iran Nuclear Deal
  • 7 days Oil Rig Explosion In Louisiana Leaves 7 Injured, 1 Still Missing
2 Red Flags For The World’s Top Shale Play

2 Red Flags For The World’s Top Shale Play

Changing legislation and taxation for…

Are Oil Markets Becoming Immune To Geopolitical Risk?

Are Oil Markets Becoming Immune To Geopolitical Risk?

The geopolitical risk premium in…

Zainab Calcuttawala

Zainab Calcuttawala

Zainab Calcuttawala is an American journalist based in Morocco. She completed her undergraduate coursework at the University of Texas at Austin (Hook’em) and reports on…

More Info

Warren Buffett Dumps Oil Sands Giant Suncor

Buffett

Berkshire Hathaway’s third-quarter regulatory filings show that the Warren Buffet-owned firm has abandoned Suncor Energy – a Canadian company that greatly benefitted from the billionaire’s financial show of support in 2013.

Last year, Hathaway increased its involvement in Suncor, but recent documents showing the major investment firm’s withdrawal from the oil, gas and minerals company suggest that Canada’s energy sector continues to struggle through the oil price crisis.

As of September, Suncor, Canada’s largest oil producer, looked to abandon some of its high-cost and greenhouse-gas intensive oil sands assets, according to CEO Steve Williams.

Suncor dumped the deposits in question in order to ease the effect of rules that were created to maximize the output from oil sands on land leased from the government.

The cost-cutting plan to abandon the sites aligns with efforts by efforts led by other oil companies to cope with low commodity prices and challenging environmental regulations.

Still, Suncor has been eager to acquire assets unrelated to oil sands by investing in major oil and gas projects even as the company’s competitor’s decline to do so.

Related: Is The U.S. Set To Become An LNG Powerhouse

In its third major acquisition deal this year, the company shifted focus out of Canada’s oil sands by agreeing to buy a 30-percent stake in the Rosebank oil and gas project in the North Sea for an initial consideration of $50 million. If the project – which has reached its final design phase - gets the go-ahead from all participating partners, it will receive an additional $165 million from Suncor, the deal’s contract states.

Late last month, the Canadian National Energy Board lowered its expectations for the oil price recovery on Wednesday due to the falling costs of energy production and challenging environmental regulations.

By 2020, the board says that barrel prices will rise to an inflation-adjusted $68, which is $12 less than the agency’s previous prediction. The government’s 2040 projection fell by $17 from its January figure of $90.

By Zainab Calcuttawala for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage

Leave a comment
  • Kr55 on November 16 2016 said:
    He knows Liberals in Canada will stubbornly damage Canada's oil industry to keep voters in Quebec happy. Even as the USA gets away from initiates to reduce emissions, the Liberals will keep making Canada noncompetitive.

Leave a comment

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