The purchase of Calgary-based energy company Nexen Inc. (NYSE: NXY) for $15.1 billion by China's CNOOC Ltd. (NYSE ADR: CEO) is the largest overseas purchase ever by the world's second-biggest economic power.
But it will likely be the last time China, or any other country, takes a big chunk out of Canada's oil sands - the world's...
Lure of Profits Spurs Oil Sands Pipeline Projects
There's a pipeline race happening in the oil industry, and the winner will unlock huge profits.
You see, the Canadian oil sands are missing an efficient way to get the oil from the fields to the refineries and to the customers. That means profits are trapped in areas like the Athabasca oil sands of northeasternAlberta, Canada -- the second-largest crude reserves in the world with about 1.7 trillion barrels of oil.
That's why TransCanada Corp.'s (NYSE:
Occidental Petroleum Leads Onshore Oil Hunt as Offshore Drilling Faces Tighter Regulation
Occidental Petroleum Corp. (NYSE: OXY) announced yesterday (Wednesday) it was doubling the capacity estimate for a California oil field discovery as U.S. offshore drilling restrictions fuel onshore interest.
The Los Angeles-based oil explorer has focused on onshore oil production for years and estimates its current discovery near Bakersfield, California holds up to 500 million barrels of oil, valuing it at more than $34 billion at current prices.
Canada: China's Personal Shopping Mall
In 2007, Aluminum Corp. of China Ltd. (NYSE ADR: ACH) – better known as Chinalco – snapped up Peru Copper Corp. A year later, Jiangxi Copper Co. Ltd., teamed up with China Minmetals Corp., to buy out Northern Peru Copper Corp. Don't let the names of the two copper companies fool you – both targets...