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Thread: China invests in Canada oil sands

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    China invests in Canada oil sands

    BBC NEWS | Business | China invests in Canada oil sands

    PetroChina has agreed to buy a 60% stake in two planned Canadian oil sands projects for $1.7bn (1bn).

    The firm, which is Asia's largest oil company, is buying the holdings in the MacKay River and Dover fields from Canadian firm Athabasca Oil Sands.

    The two fields hold about five billion barrels of oil, and Canada's government is expected to back the deal.

    Canada's Alberta oil sands hold the world's second-largest crude reserves, but the cost of extraction is high.

    This is because the process of separating the oil from the sand is both energy and labour intensive, and as such it has only been cost effective when global oil prices have been high.

    Analysts say world oil prices need to be above $80 a barrel for the Canadian oil sands to be viable.

    Oil is currently trading at about $70 a barrel after hitting highs of $147 last summer, and a low of near $30 at the start of this year.

    "The Canadian government is looking for investment and injections of capital," said William Lacey, an analyst at FirstEnergy Capital.

    "I don't see why this wouldn't be viewed as a positive."

    Canada's oil sands are estimated to hold a total 173 billion barrels of oil, the world's second-largest reserves behind Saudi Arabia.
    Now, why did the U.S. not jump on this energy supply? The Chinese are going to shore-up oil that we will not have access to. Thoughts?

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    Re: China invests in Canada oil sands

    Quote Originally Posted by tlmorg02 View Post
    BBC NEWS | Business | China invests in Canada oil sands



    Now, why did the U.S. not jump on this energy supply? The Chinese are going to shore-up oil that we will not have access to. Thoughts?
    I think we all know why the US didn't jump on this.

    We got leaders that are trying to power the country with a windmill and a Sears Roebuck car battery.
    Quote Originally Posted by Top Cat View Post
    At least Bill saved his transgressions for grown women. Not suggesting what he did was OK. But he didn't chase 14 year olds.

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    Re: China invests in Canada oil sands

    Quote Originally Posted by tlmorg02 View Post
    BBC NEWS | Business | China invests in Canada oil sands



    Now, why did the U.S. not jump on this energy supply? The Chinese are going to shore-up oil that we will not have access to. Thoughts?
    The US is up there to some extent. It's only doable when the price of oil is relatively high, though.

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    Re: China invests in Canada oil sands

    Quote Originally Posted by Coronado View Post
    The US is up there to some extent. It's only doable when the price of oil is relatively high, though.
    That's why the government should have spent 2 billion bucks on this, rather than subsidizing oil fields in Brazil.
    Quote Originally Posted by Top Cat View Post
    At least Bill saved his transgressions for grown women. Not suggesting what he did was OK. But he didn't chase 14 year olds.

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    Re: China invests in Canada oil sands

    I must say, I see no problem with investing in alternate energy sources, as oil will not last forever, but at least we should have our hand in where we can to maintain a supply. Especially seeing as how this oil money would not go towards supporting terrorists.

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    Re: China invests in Canada oil sands

    Quote Originally Posted by tlmorg02 View Post
    BBC NEWS | Business | China invests in Canada oil sands



    Now, why did the U.S. not jump on this energy supply? The Chinese are going to shore-up oil that we will not have access to. Thoughts?
    Maybe because as your article states the operation is a money loser at oil prices less than $70 a barrel????

    You wanted to use our Government's money for your oil sand speculation scheme?

    Or are you telling our energy companies just how dumb they are for not getting in?

    Which is it?
    Last edited by dragondad; 09-02-09 at 12:50 PM.

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    Re: China invests in Canada oil sands

    Quote Originally Posted by apdst View Post
    That's why the government should have spent 2 billion bucks on this, rather than subsidizing oil fields in Brazil.
    I would rather put money into cheap oil than oil that is extremely expensive to extract, but that is just me.

    PetroChina is putting money into Canada Oil Sands, if you think we should invest more up there then why don't you take it up with American Oil Companies. After all, should this not be something left to the private sector?
    "You're the only person that decides how far you'll go and what you're capable of." - Ben Saunders (Explorer and Endurance Athlete)

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    Re: China invests in Canada oil sands

    Quote Originally Posted by SouthernDemocrat View Post
    I would rather put money into cheap oil than oil that is extremely expensive to extract, but that is just me.

    PetroChina is putting money into Canada Oil Sands, if you think we should invest more up there then why don't you take it up with American Oil Companies. After all, should this not be something left to the private sector?
    Perhaps PBO should have taken that 2 billion and enticed American oil companies to go after the oil? A better investment, perhaps? More American jobs, for sure.
    Quote Originally Posted by Top Cat View Post
    At least Bill saved his transgressions for grown women. Not suggesting what he did was OK. But he didn't chase 14 year olds.

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    Re: China invests in Canada oil sands

    Quote Originally Posted by apdst View Post
    Perhaps PBO should have taken that 2 billion and enticed American oil companies to go after the oil? A better investment, perhaps? More American jobs, for sure.
    Better yet, perhaps he could have taken that money and returned it to the taxpayer and got the government out of the business of manipulating the market.

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    Re: China invests in Canada oil sands

    Quote Originally Posted by apdst View Post
    Perhaps PBO should have taken that 2 billion and enticed American oil companies to go after the oil? A better investment, perhaps? More American jobs, for sure.
    Oh ok, so you are advocating the nationalization of American Oil companies or at least state support of them. Gotcha.
    "You're the only person that decides how far you'll go and what you're capable of." - Ben Saunders (Explorer and Endurance Athlete)

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