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Thread: PetroChina buys entire Alberta oilsands project

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    PetroChina buys entire Alberta oilsands project

    PetroChina buys entire Alberta oilsands project - Business - CBC News

    Athabasca Oil Sands Corp. has exercised its option to sell its remaining 40 per cent interest in the MacKay River oilsands project to a unit of Chinese oil giant PetroChina for about $680 million.


    The deal, announced Tuesday, gives PetroChina full ownership of MacKay River project, one of the newest of northern Alberta's oilsands developments.

    It continues a trend that has seen Chinese companies acquire miners, energy producers and other resources companies in Canada and around the world to secure future supplies of minerals, steel, oil and gas and other raw materials for its rapidly growing economy.


    Athabasca had sold PetroChina a 60 per cent stake in the project last year.
    Canada is the #1 supplier of oil to the United States, and now Canadian oil projects are owned and operated by the Chinese. Gotta love the irony.

    I think it's a serious error in judgment for the Canadian government to abandon its "51% Canadian" policy, seeing as how no North American nation owns any stake in the tar sands. I really feel that both the U.S. and Canada are being devoured by foreign interests.

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    Re: PetroChina buys entire Alberta oilsands project

    Quote Originally Posted by Temporal View Post
    PetroChina buys entire Alberta oilsands project - Business - CBC News



    Canada is the #1 supplier of oil to the United States, and now Canadian oil projects are owned and operated by the Chinese. Gotta love the irony.

    I think it's a serious error in judgment for the Canadian government to abandon its "51% Canadian" policy, seeing as how no North American nation owns any stake in the tar sands. I really feel that both the U.S. and Canada are being devoured by foreign interests.
    Nothing new really. China is on a world-wide shopping trip for oil and gas. Thats where you get maxumum returns.

    Energy companies are funneling billions of dollars into the booming business of U.S. shale drilling. They are investing euros, yuan and krone, too.
    Chinese corporation Sinopec and French company Total this week became the latest in a string of foreign firms to announce big bets on the resurgence of U.S. fossil fuel production.
    International energy companies are signing billion-dollar deals with U.S. firms to reap the financial benefits of their oil fields and siphon knowledge from their experience in extracting petroleum from dense shale rock to carry the skills overseas.



    International players jump at U.S. shale - Houston Chronicle
    Last edited by RDS; 01-04-12 at 08:07 PM.

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    Re: PetroChina buys entire Alberta oilsands project

    I'd be interested to know what the shale prospects are in China and indeed in all of Asia. That and water rights might determine where future wars are fought.

    I must say that it is very heartening that U.S. oil production is fixin' to ramp up to where we need not import anymore foreign oil, and indeed resume being a net oil exporter as we once were.
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    Re: PetroChina buys entire Alberta oilsands project

    I absolutely agree. And as a Unificationist, I find globalizing Canadian interests to be as distressing as globalizing American ones.

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    Re: PetroChina buys entire Alberta oilsands project

    does this effect Calgary at all?

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    Re: PetroChina buys entire Alberta oilsands project

    Quote Originally Posted by Temporal View Post
    PetroChina buys entire Alberta oilsands project - Business - CBC News



    Canada is the #1 supplier of oil to the United States, and now Canadian oil projects are owned and operated by the Chinese. Gotta love the irony.

    I think it's a serious error in judgment for the Canadian government to abandon its "51% Canadian" policy, seeing as how no North American nation owns any stake in the tar sands. I really feel that both the U.S. and Canada are being devoured by foreign interests.

    The majority of oil sands projects are owned by North American companies. Suncor and Syncrude are NA owned companies. Royal Dutch Shell has a larger operation, Eni has one. The Alberta Athabasca operation is a smaller one compared to the operations of Suncor and Syncrude. Having a foreign company own a small resource play is not an issue when we have sold off majority stakes and entire companies to foreign companies in the mining business (Nickel specifically)
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    Re: PetroChina buys entire Alberta oilsands project

    Quote Originally Posted by Thunder View Post
    does this effect Calgary at all?
    ,

    Not to any real degree currently

    The first effect will be decision making for major capital projects will be made out of China, so the current CEO and board may go or see some pay cuts

    Future wise it means probable higher investments in that project one that has been seen trouble raising capital (oil sands is a very expensive extraction and purification process).
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    Re: PetroChina buys entire Alberta oilsands project

    And we need more clean coal power plants.

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    Re: PetroChina buys entire Alberta oilsands project

    It's the Yellow Peril.

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    Re: PetroChina buys entire Alberta oilsands project

    Maybe now the US will get serious about getting off oil and moving toward a renewable energy source we can make in-house.

    The handwriting has been on the wall for decades - Jimmy Carter saw it back in the 1970s and tried to implement a plan to avert the US being hostage to countries that control oil. The oil industry was not having it and started contributing heavily to political campaigns creating a second mess we are still dealing with today.

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