Economics drive tar sands operations. Record highs in oil prices, though still fluctuating, will make tar sand oil ‘economical’ (read: profitable) well into the future. Government subsidies to this environmentally disastrous process remain in place from a time when the federal government was sponsoring research into the possibility of recovering this oil. Stock prices of tar sands developers grow the more conventional oil is scarce.
Alberta Hides Dirty Truth as US Demands Tar Sands Facts
Potential buyers of tar sands oil want to know its true carbon footprint, but industry won't come clean.
By Andrew Nikiforuk,
July 29, 2010
TheTyee.ca
Tar sands are 82 per cent more polluting than average crude, estimates US government, but Canada doesn't keep track.
Pipeline leak deals blow to Canada’s oil sands industry
By Bernard Simon in Toronto
Financial Times
Published: July 29 2010
Canada’s oil sands industry was trying to defuse a fresh public relations headache on Thursday after a ruptured pipeline spilled about 4m litres of Alberta crude into waterways in southern Michigan.
Lisa Jackson, head of the US Environmental Protection Agency, said that “this is a serious spill that has the potential to damage a vital waterway and threatens public health”.
New Suncor 'coming together'
$480M profit trounces forecasts one year after merger
By Shaun Polczer, Calgary Herald; Postmedia News
July 30, 2010
The new Suncor is starting to jell a year after its blockbuster merger with Petro-Canada, its chief executive said Thursday after the company marked a return to second-quarter profitability.
"I really feel like the team is coming together," CEO Rick George told analysts.
Enbridge Pipeline break hits U.S., Canada refineries
Mon Jul 26, 2010
HOUSTON, July 26 (Reuters) - An oil pipeline break in Michigan on Monday shut part of a system carrying Canadian crude oil to the U.S. Midwest and southern Canada, Enbridge Energy Partners (EEP.N) said.
No one was hurt, but about 19,500 barrels of oil was released into a creek that then carried the oil into the Kalamazoo River, an Enbridge news release said. Crews with skimming equipment were responding.
Enbridge hoped to have the line repaired and restarted by Wednesday, a spokesman said.
Proposed rules for oilsands water-removal inadequate: First Nations
Wants Athabasca protected during low flow
By Hanneke Brooymans,
edmontonjournal.com
July 23, 2010
EDMONTON — First Nations in northeastern Alberta have problems with a proposed management system for the Athabasca River that would allow oilsands operators to withdraw water during critical times of low flows.
The recommended water-withdrawal rules were released earlier this year and have since been reviewed l by the Athabasca Chipewyan and Mikisew Cree First Nations.
Agencies Differ on Oil Sands Pipeline
July 21, 2010, 10:03 am
By ELISABETH ROSENTHAL
NYTimes
As we’ve reported, the State Department is considering whether to approve a huge new pipeline called Keystone XL that will bring crude from Canada’s oil sands all the way to the Gulf of Mexico.
A new pipeline would vastly expand the amount of oil extracted from Canadian oil sands that is used in the United States – which could be good in terms of energy security.
What Those Who Killed the Tar Sands Report Don't Want You to Know
Why did a parliamentary committee suddenly destroy drafts of a final report on tar sands pollution? Here's what they knew.
By Andrew Nikiforuk, 15 Jul 2010,
TheTyee.ca
Shredder
Shredded: Standing Committee on Environment and Sustainable Development abruptly cancelled tar sands report.
CPPIB buys Laricina stake, extends oil sands foray
2010-07-06
By Pav Jordan
TORONTO, July 6 (Reuters) - Canada Pension Plan Investment Board extended its foray into Canada's oil and gas sector on Tuesday, buying a 17.1 percent stake in closely held Calgary oil sands company Laricina Energy Ltd.
The CPPIB, which invests surplus cash from the national Canada Pension Plan, has some C$127 billion ($121 billion) in assets under management. The board paid C$250 million, or C$30 each, to acquire more than 8.3 million common shares of Laricina in a private placement.
Ophir to Acquire Interest in Madagascar Block
Ophir Energy plc
|
Tuesday, July 13, 2010
Ophir has entered into an agreement with Wilton Petroleum to acquire an 80% interest and Operatorship of a Production Sharing Contract (PSC) over an area designated as the Marovoay Block 2102, onshore Madagascar.
The Block 2102 lies in the coastal area of northwest Madagascar covering an area in excess of 12,000km2. The PSC was awarded to Wilton following a competitive licensing round in 2006.
Madagascar: Heavy Oil Promises a Bright Future for this Island Country
~July 17 2010
Pretty soon, the world’s fourth-largest island off the southeastern coast of Africa will be known more for heavy oil than it is known for the ring-tailed lemur. Experts estimate that out of the 600,000 square miles that make up Madagascar, half of the island is covered by the heavy oil-rich sedimentary basins of Morondava, Majunga and Ambilobe.
