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China CNPC Secures Oil Sands Rights

30 June 2007

Rigzone. Alberta (Canada) has granted China National Petroleum Corp. exploration rights for 11 oil sands fields with estimated reserves of 2 million barrels of bitumen, marking the first instance of major Chinese oil company winning a majority stake in a Canadian oil sands project.

Sinopec (China Petrochemical Corp.) has a 40% stake in the Northern Lights project with Calgary-based energy firm Synenco. CNOOC Ltd. (CEO) has a 16.69% stake in privately-owned Canada-based MEG Energy Corp.

June 30, 2007 in Brief | Permalink | Comments (3) | TrackBack (0)

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I'm sure the US Govt. will be just thrilled over this announcement. I'm not sure they ever expected a Chinese company to arrive at the auction with large gobs of cash. They should have, all that money we've spent on cheap toys etc.. had to come back sometime. I'm happy for Alberta in their prosperity, I benefit too, but I'm starting to get a little alarmed over how many oil sands projects are going ahead.

Keep it up and the loonie will reach parity with the dollar.

Haven't seen that since I was a kid. Just in time for my vacation in Washington State.

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