Canada looks to Beijing for new oil sands investment
As IOCs flee, Ottawa hopes to lure Asian petrodollars back
International oil companies are retreating from Canada's oil sands. In the past year alone, Shell, Statoil, Total and ConocoPhillips have sold off tens of billions of dollars in major projects to Canadian operators. Just four domestic companies now control more than 70% of the country's oil sands output. That might sound like good news to the oil nationalists, but it raises the threat that the oil sands won't get the investment needed to continue to grow. In response, natural resources minister Jim Carr took a trip through China last week to promote investment in the oil sands, among other projects, to the country's major energy companies. "We would welcome investment from any nation that's
Also in this section
26 April 2024
While the US has been breaking records for its premium grade crude, there are doubts over whether you can have too much of a good thing
26 April 2024
Slowing demand growth and capacity expansions will squeeze refiners in coming years
25 April 2024
Some companies with assets in Israel have turned towards Egypt as tensions escalate, but others are holding firm despite rising tensions
24 April 2024
But even planned exploration activity is unlikely to reverse declining output from mature fields