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Canada Approves Petrochina Purchase of Athabasca Oil Sands Properties

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Tony Clement, Canada’s Minister of Industry, has approved the acquisition by PetroChina of the MacKay and Dover Oil Sands projects from Athabasca Oil Sands Corporation (AOSC) “ because I am satisfied that the investment is likely to be of net benefit to Canada. ”. Earlier post.).

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Suncor Energy sells majority of conventional natural gas business in Western Canada for $1B

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Suncor Energy has reached an agreement to sell the conventional portion of its natural gas business in Western Canada for $1 billion to a newly established partnership between Centrica plc and Qatar Petroleum International. Suncor’s view of market access for its oil sands products. Source: Suncor. Click to enlarge.

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Alberta moving ahead with major new oilsands refinery with carbon capture

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The Alberta government has successfully negotiated contracts for two projects that will advance the upgrading and refining of oil sands bitumen to diesel fuel. billion barrels of oil from conventional reservoirs throughout the province, potentially generating up to $25 billion in additional provincial royalties and taxes.

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Study finds plausibly high volumes of Canadian oil sands crudes in US refineries in 2025 would lead to modest increases in refinery CO2 emissions

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An analysis of the US refining sector, based on linear programming (LP) modeling, finds that refining plausibly high volumes of Canadian oil sands crudes in US refineries in 2025 would lead to a modest increase in refinery CO 2 emissions (ranging between 5.4% to 9.3%) from a 2010 baseline, depending upon the supply scenario.

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China Investment Corp. and Penn West To Form Oils Sands JV

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CIC has also agreed to purchase trust units of Penn West on a private placement basis. Under the terms of the agreements to be executed at closing providing for the formation of the Joint Venture, Penn West will contribute the oil sands assets, valued at approximately C$1.8 billion, and will retain a 55% partnership interest.

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Low oil prices hurting some US shale operations; slumping oil prices putting pressure on drillers

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The number of active rigs drilling for oil and gas fell by their most in two months, according to the latest data from oil services firm Baker Hughes. There were 19 oil rigs that were removed from operation as of Oct. There are now 1,590 active oil rigs, the lowest level in six weeks. 17, compared to the prior week.

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Oil sands company Suncor Energy strengthens its focus on hydrogen and renewable fuels, divesting wind and solar

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Suncor Energy, a Canadian integrated energy company that is one of the top oil sands producers in the country, will strengthen its focus on hydrogen and renewable fuels to accelerate progress towards its objective to be a net-zero company by 2050. Suncor also plans to divest its wind and solar assets.

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