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China’s CNOOC to acquire Canada-based Nexen for $15.1B; offshore oil and gas, oil sands, and shale gas

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CNOOC Limited—China’s largest producer of offshore crude oil and natural gas and one of the largest independent oil and gas exploration and production companies in the world—is acquiring all of the Common Shares of Canada-based energy company Nexen Inc. It is the second-largest oil producer in the UK North Sea.

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Devon Energy and BP Enter Into $7.0B Property Sales Agreement and Oil Sands Joint Venture

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Devon Energy Corporation has entered into agreements to sell all of its assets in the deepwater Gulf of Mexico, Brazil and Azerbaijan to BP for $7.0 Devon and BP will also form a heavy oil joint venture to develop BP’s Kirby oil sands leases in Alberta, Canada. billion in cash.

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UT Austin to lead $58M study of methane hydrate in Gulf of Mexico; $41M from DOE

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A research team led by The University of Texas at Austin has been awarded approximately $58 million to analyze methane hydrate deposits under the Gulf of Mexico. The US Department of Energy (DOE) is providing $41,270,609, with the remainder funded by industry and the research partners. Council of Canadian Academies (2008).

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CERA: Canadian Oil Sands Poised to Become the Top Source of Crude Imports to the US in 2010; Could Contribute Up To 36% of US Oil and Refined Products Imports by 2030

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Growth of production of Canadian oil sands. The Canadian oil sands are now poised to become the number one source of US crude oil imports in 2010, according to new research from the IHS CERA Canadian Oil Sands Dialogue. The Role of Canadian Oil Sands in US Oil Supply”.

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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% and incidental energy losses due to flaring, fugitive emissions, etc.

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Chevron announces successful test well at deepwater St. Malo in Gulf of Mexico

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Malo PS003 well in the prolific Lower Tertiary trend in the deepwater Gulf of Mexico. Oil flow rates, though limited by testing equipment constraints, exceeded 13,000 barrels of oil per day. The facility is planned to have a design capacity of 177,000 barrels of oil-equivalent per day to accommodate production from the Jack/St.

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Cobalt and Total announce significant North Platte deepwater Gulf of Mexico discovery

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Cobalt International Energy, Inc., an independent oil exploration and production company focusing on the deepwater US Gulf of Mexico and offshore Angola and Gabon, announced a significant oil discovery at its North Platte prospect on Garden Banks Block 959 in the deepwater Gulf of Mexico.

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