Deloro Resources (CVE:DLL) announced today that they have begun production test at their Wilkie project ni Canada. Deloro is testing “electrically enhanced oil recovery” on heavy oil properties. The release states that testing has begun on one of the six wells on the property. Click here to see the full release.
Billions of dollars in cancelled Canadian oil sands projects has exposed Canada’s oil provinces as the areas hardest hit by lower energy prices and persistent credit worries. For full story, click here
Tar sands are a mixture of hydrocarbon-rich bitumen mixed in sandstone layers. When the hydrocarbons are separated, the bitumen released is a heavy, black and sticky semi-liquid of high viscosity. For full story, click here
By Duncan Sutherland – Exclusive to Heavy Oil Investing News Market news The short to medium term outlook for oil sands and heavy oil projects remains negative. As the barrel price for light sweet crude remains (relatively) low, new investments in oil sands projects are unlikely to be forthcoming. The combination of low prices and [...]
A slowdown in expenditure on multibillion-dollar projects to develop Canada’s oil sands, should help cure one ailment the industry has so far been unable to shake: runaway inflation. FirstEnergy Capital analyst William Lacey said: The big guys have all suddenly drawn a line in the sand that wasn’t there. Personally, I think this is a positive development. [...]
The growing financial crisis and plunging energy prices have forced oil companies to scale back spending and delay projects, with projects in the Canadian oil sands hardest hit. For full story, click here
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 [...]
Shareholders lost billions of equity and around half-billion-dollar heavy oil refinery were shelved on Monday as market fall continued to rock the boat for Alberta energy firms. Dick Gusella, president and chief executive of Connacher Oil and Gas Ltd said: We’re going through a real maelstrom of turmoil and turbidity here and it ain’t pretty.. [...]
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