A round up of the past month's key Canadian Energy topics including Oil Sands, East Coast News, West Coast News, Emerging Issues can be found in full on the FMC website, and is provided each month by FMC's Energy Group.
Oil Sands News
According to the Alberta Energy Resources Conservation Board (ERCB), bitumen accounted for 78% of Alberta's total oil output in 2011... Birchwood, a Calgary based private company founded in 2010, has filed a project summary with provincial regulators for a 5,000 bpd Steam Assisted Gravity Drainage (SAGD) oil sands project... Nexen, a Calgary based oil and gas company, has agreed to be bought out by the state owned China National Offshore Oil Company (CNOOC), China's top offshore oil producer... PETRONAS, a Malaysian company, has agreed to buy all of Progress Energy's outstanding common shares at a cash price of $20.45 per share... Smart Sand, a leading supplier of industrial sand for the oil and gas industry, has partnered with Canadian Pacific Railway (CPR) to build a new frac sand transload facility to serve Bakken shale producers in the Williston Basin located in Southern Saskatchewan.
East Coast News
GRI Simulations, a Canadian company focused on providing simulation technology for offshore oil construction and production, has secured $250,000 funding from the Research and Development Corporation (RDC), a Newfoundland Crown Corporation, to develop a 3‐D software kit that will allow oil companies to simulate oil field design.
West Coast News
The excellent results for the Liard Basin located in Northern British Columbia released last month by Apache will require development of export facilities... Spectra Energy has officially opened the Dawson processing plant in Bessborough, British Columbia.
Canadian Arctic News
MGM Energy, a Canadian oil and natural gas exploration company, has entered into a farmout agreement with Shell whereby Shell has agreed to fund the drilling and completion of two wells in the Northwest Territories... Kivalliq Energy, a uranium exploration and development company, is the first in Canada to sign an agreement with the Inuit to explore for uranium on their lands.
Alternative Energy
International Power Canada (IPC) has commenced construction on a $50 million project, called the Brockville Solar project... Northland Power, a green power generation company operating primarily in the provinces of Ontario, Quebec and Saskatchewan, has secured financing for the construction of six 10 MW projects in eastern and central Ontario... NorthGrid Solar, an engineering, procurement and construction company based in Ontario, is nearing completion of the first phase of its 1.7MW rooftop solar agreement with The Valecon Group, a commercial property developer.
On the Horizon
The President of Penn West Petroleum believes that industry can increase light oil recovery from the Cardium formation in central Alberta by between 1.1 and 2.6 bbbl.
Read the complete Canadian Energy Development update.
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