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US switching from Canada’s oilsand projects to US tight oil and China Buys into Canada Oilsands
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In a new report, Calgary energy investment bank Peters & Co. said oil sands assets worth $17-billion are for sale today formally and informally — about the same value as oil sands assets sold over the entire last decade.
The interesting theme: The big sellers appear to be U.S. companies looking to get out, while the buyers seem to be national oil companies (NOCs) — such as those from China — looking to get in.
The theme may reflect the rise and attractiveness of tight oil in the United States and pipeline bottlenecks that are depressing prices of oil produced in Canada.
Those two projects, as well as the Joslyn mine, are part of a $1.75-billion joint venture Suncor inked with French energy giant Total SA in 2010. The partners are undertaking a review of those three projects in an effort to drive down costs.
See more and subscribe to NextBigFuture at 2012-11-02 03:23:58 Source: http://nextbigfuture.com/2012/11/us-switching-from-canadas-oilsand.html
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