The Canadian arm of China Petrochemical Corp. may shelve work on its Northern Lights oil sands lease or sell the property entirely, as Chinese companies begin to rethink future investment prospects in Alberta. Sinopec, could delay efforts to develop the property or seek to sell its interest in the lease entirely as it consolidates its […]
Sun setting on Sunshine Oilsands?
Investor appetite in the high-yield market reached a limit after Sunshine Oilsands Ltd. of Canada pulled a proposed $325 million bond due to lack of demand from U.S. and Chinese investors. The high-yield bond market, prepared to fund defaulters from Ecuador to Argentina, drew the line at Sunshine Oilsands, which sought bond financing to build […]
Head of Cenovus not impressed with people “playing politics” over oil sands
Brian Ferguson says it’s political gain not Canada’s best interest that is prompting Justin Trudeau and Thomas Mulcair’s comments about the oil industry. To top it off the CEO of Cenovus Energy says celebrities like Desmond Tutu‘s involvement doesn’t help the debate either. Ferguson made the comments at the 2014 TD Securities Calgary Energy Conference […]
A dubious first for Canadian Natural Resources
Canadian Natural Resources, Ltd. has admitted a series of never-ending spills on its property could be caused, or at least exacerbated, by its own high-pressure steaming. It’s the first time the company has admitted this, despite fact environmentalist critics have been saying it for years. And 5 years ago the Energy Resources Conservation Board (regulator […]
Did you know billionaire Koch brothers active in oil sands?
When it comes to land holdings in the oil sands, nobody has a bigger stake in the region than the Koch brothers. Around Peace River the American billionaires own an amount of land greater than the size of Los Angeles. They are the oil patches largest foreign investor with more than a million acres, more […]
Making a splash by conserving water
One of the concerns critics of the oil industry have is water usage in Alberta and B.C. That is particularly true in shale gas plays where fracking is used to get at the resource. Shell Canada is looking at ways to alleviate that. The company has a natural gas site called Groundbirch in northeastern B.C. […]
First Nations companies competitive in battle for oil sands jobs
When it comes to landing contracts in Alberta’s oil sands, First Nations groups are no longer the beneficiaries of easy deals. Chief financial officer of Fort McKay Group of Companies, Marguerite MacDonald says, “Four years ago, we didn’t have to bid on a lot of the work that we now bid for. It is no […]
Oilsands company cuts costs and jobs
SilverWillow Energy Corp, a Calgary based pre-production oilsands company is making cuts. A media release from the company says the changes are needed so the level of staffing is more in line with the amount of work being done. While it adds general and administrative costs will be cut as well. There are no specifics […]
In case you haven’t realized it, patience is a virtue no matter which side of the Keystone XL debate you are on
It’s been a long battle for both sides of the Keystone XL pipeline debate and it likely won’t be over any time soon. In fact the U.S.’s ambassador to Canada is suggesting Canadians need to be patient when it comes to the controversial project. Here’s what Bruce Heyman told CBC, “I think that people need […]
Alberta government won’t be rushed into considering a new research paper critical of the oil sands
The Alberta government is not saying when it will take a closer look at a report suggesting contaminants from the oil sands are being found in wild animals that typically make up a traditional aboriginal diet. Having said that, a spokesperson for Environment and Sustainable Resource Development tells 630CHED the research paper will get the […]
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