Suncor and UTS said that they are delaying new projects and cutting capital spending due to global credit crunch and falling oil prices play havoc alongwith Alberta’s high-cost oilsands. Rick George, Suncor’s president and CEO said: Our aim is to ensure we are living within our means during a time of market uncertainty, while also making the [...]
Apart from potential for economic downturn, development of oil sands may be the vital concern for Canada in next ten years. Based on current expectations, oil sands will host at least $170-bn of investments during this period. For full story, click here
Trans-Orient Petroleum Ltd. said that AJM Petroleum Consultants has completed a Resource Assessment on the fractured oil-shale potential in New Zealand. Garth Johnson, Trans-Orient CEO, said: This report confirms our interpretation that the onshore East Coast Basin of New Zealand is highly prospective for a fractured oil shale play similar to the Bakken Formation within the Williston Basin [...]
Ivanhoe Energy of Ecuador has signed a contract with state oil forms Petroecuador and Petroproduccion to explore and build the Pungarayacu heavy-oil field. The company plans to utilizing its heavy-to-light upgrading technology. For full story, click here For Ivanhoe Energy’s website, click here
The stock price of UTS Energy has fallen from about $6 in July to $0.87 and the company’s market-cap is recorded at $412M. For full story, click here For UTS Energy’s website, click here
Nautical Petroleum said although heavy oil was more expensive to produce than conventional resources, the company is not much concerned about falling oil prices. Steve Jenkins, chief executive, Nautical Petroleum said: Nautical’s progress over the past 12 months has resulted in the creation of a solid asset platform from which production and revenue are now [...]
The Canadian Heavy Oil Association is branching out from Calgary to launch a chapter in Edmonton. Neil Shelly, executive director of Fort Saskatchewan’s Industrial Heartland Association, said: Edmonton is starting to dominate the heavy-oil scene, especially for day-to-day operations, so this makes sense. With all the work being done here, at the U of [...]
Experts asses that for acceptable ROI, Canadian oil sands and other oil projects require prices above $90 a barrel. EnCana recently said: It would focus on “capital preservation” to tide it through uncertain times, as it cancelled plans to spin off its oil sands business. That means drilling cutbacks, slower development of oil sands ventures, [...]
Expenditure in Western Canada is headed for a pullback of 10% to 15%. In past two years, the sector spent $50-bn on projects, including $20-bn in the oil sands. In a note to the clients, a oil and gas investment executive, said: I have spoken with a number of companies and almost without exception 2009 [...]
By Duncan Sutherland – Exclusive to Heavy Oil Investing News Canada: Upgrader is going up later than usual this week because of the Canadian Federal Election and the American Presidential debate. Now that these two events are a matter of record, there is much good news for the heavy oil and oil sands industries. First, [...]
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