Any hope that the slump in global oil demand might nudge President Hugo Chávez government into relaxing his policy of insisting on majority state control or allowing international arbitration over potentially huge heavy oil reserves in the Orinoco Basin appear to be on hold at best. For full story, click here
PetroChina has cut its crude output and refinery throughput in the first quarter to drain heavy inventories, setting the stage for a possible production recovery soon. Liu Keyu, deputy head of Research Institute of Economics and Technology under CNPC, stated: Companies have built up very high inventories from the fourth quarter last year, starting with [...]
The slump in oil prices could end up cutting the growth in future oil supply in half from what would have been anticipated during the high price period, according to a study from Cambridge Energy Research Associates, an IHS company. CERA Senior Director Peter Jackson stated: The inventory of potential new oilfield developments, including fields [...]
U.K. Chancellor of the Exchequer Alistair Darling declared that he will introduce tax incentives to encourage the development of smaller oil and gas fields in the North Sea with the aim of squeezing an extra 2 billion barrels equivalent out of the rapidly declining region. For full story, click here
Deloro Resources (CVE:DLL) annouced today that CSA approval has been received and SaskPower has cleared the Wilkie Project site for eletrification. The pilot test will be starting shortly. Deloro will be testing Electro-Petroleum Inc.’s enhanced oil recovery technology. Click this link to see the full release.
Extraction and refining of heavy oil from Canada’s oil sands threatens to kill as many as 166 million migratory birds over the next 30 to 50 years, according to a report released. For full story, click here
For the second time in five years, Petro-Canada backtracked on its oil-sands plans, deferring until next year a decision on whether to proceed with a bitumen mine near Fort Mc-Murray, Alta., and shelving indefinitely construction of an upgrader near Edmonton. For full story, click here
The oil sands are a reliable, stable supply of energy that will help stimulate the economy. For full story, click here
With the price of crude mired at half the peak of $147 it reached in July, this may seem like an odd time to invest in oil wells. For full story, click here
Energy firms are cutting back development of Canadian oil sands, the world’s biggest energy reserves outside Saudi Arabia, as crude prices plunge and processing costs become prohibitive. For full story, click here
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