So, who really benefits from the Canada-to-Texas oil pipeline? Other than those political hacks that have been bought to push this dangerous project, the U.S., French, British, Chinese, Thai, Korean and Norwegian interests have all bought stakes in oil-sands projects. According to the Canadian Association of Petroleum Producers (CAPP), international companies have invested nearly $20 billion in the last three years through mergers, partnerships and outright purchases of projects.
Thailand‘s state-owned PTTEP bought a 40-per-cent stake in Statoil‘s Kai Kos Dehseh project for $2.3 billion.
Statoil is a Norwegian company whose largest owner is the government of Norway, with 67 per cent of the shares.
Korean National Oil Company took over Calgary’s Harvest Energy Trust for $4.1 billion ($1.8 billion in cash and $2.3 billion in assumed debt).
Korean National Oil Company came to Alberta. In 2006, the Korean firm set up an office in Calgary and purchased the Black Gold Oil Sands leases near Conklin. These leases gave the company 10,000 b/d of bitumen for about 25 years.
China is now the world’s largest consumer of energy. PetroChina struck a deal to buy a 60-per-cent share of Athabasca Oil Sands Corp.‘s MacKay River and Dover projects for $1.9 billion plus other financing arrangements. This gave PetroChina a majority share in a company with access to more than five million barrels of oil.
In April 2010, the Chinese company Sinopec, a majority-owned subsidiary of a national company, paid $4.65 billion for Houston-based ConocoPhillips‘ stake in Syncrude. What makes this deal significant is that under the terms of the deal, the state-controlled Sinopec has a veto on the critical decision of whether the company should upgrade bitumen here or export it in raw form overseas.
So, if you thought this was just an American battle, think again. Those who are fighting to stop this dangerous pipeline are up against the world…
| Oil sands snapped up | ||||
| Buyer | Seller | Stake | Value in millions ($CDN) | |
| Korea Investment Corp | OSUM | Private placement | $98 | |
| PTTEP (Thailand) | Statoil Canada | 40% Kai Kos Dehseh | $2,336 | |
| China Investment Corp. | Penn West | 45% Seal Project JV | $817 | |
| Sinopec (China) | ConocoPhillips | 9% Syncrude | $4,657 | |
| BP (United Kingdom) | Value Creation | 75% Terre de Grace | $1,145 | |
| Devon (USA) | BP | 50% Kirby | $665 | |
| Suncor/Petro-Canada | Merger – $19.3 billion | incl. oil sands assets | ||
| Korea National Oil Co. | Harvest Energy | Incl. oil sands assets | $4,100 | |
| Petro China | Athabasca Oil Sands Corp. | 60% MacKay River & Dover | $1,900 | |
| Imperial /ExxonMobil | UTS | 50% Lease 421 | $250 | |
| Nexen (Canada) | OPTI Canada | 15% Long Lake and Future | $924 | |
| Occidental Petroleum | Enerplus | 15% Joslyn | $506 | |
| Total (France) | Syneco | Synenco | $470 | |
| BP (United Kingdom) | Husky | Sunrise JV | $2,400 | |
| Petro-Can/Teck Cominco (Canada) | UTS | 10% Fort Hills | $790 | |
| Marathon (USA) | Western Oil Sands | Company | $6,500 | |
| MEG (Canada) | Paramount | Surmont | $322 | |
| Statoil (Norway) | NAOSC | Company | $2,290 | |
| Teck Cominco (Canada) | UTS | 50% lEASE 14 | $206 | |
| Enerplus (Canada) | Kirby Oil Sands | 90% of Company | $185 | |
Oil Sands Development..A new war zone
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Canada Business Directory
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Click on name to read description All figures in US$ (billions) Numbers in brackets indicate where the company placed on the Forbes Global 2000 list. 1. (2) Royal Dutch Shell (Netherlands) Sales: 458.36 Profits: 26.28 Assets: 278.44 Market value: 135.10 The Anglo-Dutch company came second in the overall list behind General Electric of the United States and heads the oil and gas companies. The Netherlands-based outfit started life back in 1833 as a shell trading company in London, but has come a long way since then. This year will see a change at the top as the current CEO, Jeroen van der Veer, is due to retire in June. With a reputation for handling transitional periods with a clinical smoothness, it should be business as usual for the company and despite the current climate, business is still very good for Shell. With operations in over 140 countries and covering almost every single aspect of the hydrocarbons industry, the energy giant is a worthy winner. Fact: When collecting shells by the Caspian Sea, Marcus Samuel, the son of the company’s founder, had the idea to start importing lamp oil from the area back to the UK. To do this he needed a ship so he commissioned the world’s first specially built oil tanker – the Murex. The word is Latin for a type of snail shell.