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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. billion cash. The price represents a premium of.

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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. Methane hydrate—natural gas trapped in an ice-like cage of water molecules—occurs in both terrestrial and marine environments.

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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. BP group chief executive Tony Hayward.

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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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Nexen and CNOOC finalize JV for deepwater exploration in Gulf of Mexico

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and China-based CNOOC Limited have finalized a joint venture that will give CNOOC a working interest in up to six deepwater exploration wells in the Gulf of Mexico. CNOOC is 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.

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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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BP announces significant resource extension of Mad Dog Field in deepwater Gulf Of Mexico; total hydrocarbons estimated at up to 4B barrels of oil equivalent

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BP announced today the drilling of a successful appraisal well in a previously untested northern segment of the Mad Dog field in the deepwater US Gulf of Mexico. The well encountered about 166 net feet (50 meters) of hydrocarbons in the objective Miocene hydrocarbon-bearing sands and discovered an oil column of more than 300 feet (91 meters).

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