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.
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