Today's Globe and Mail has two stories on big money moves in the oil sands.
Marathon Oil Corp. (NYSE:MRO) announced a deal yesterday to buy Calgary-based Western Oil Sands Inc. (TSX: WTO)for $5.84-billion. Marathon, the fourth-largest U.S.-based integrated oil and gas company and the fifth-largest U.S. refiner, sees the oil sands as a natural future source of crude for its refineries.
Meanwhile, Suncor Energy Inc. (TSX:SU) has filed an application with regulators yesterday to build an expansion to its mining operations in northern Alberta that could cost $4.4-billion. The proposed Voyageur South mine would increase its crude output to 550,000 barrels a day by 2012 and possibly change the way that bitumen is mined from the oil sands. The new project is expected to utilize mobile ore preparation equipment, instead of current truck and shovel systems, an advance that could reduce noise pollution, air emissions and require fewer workers.
All in all, a $10 billlion day.
We need some of those around here.
Marathon Oil Corp. (NYSE:MRO) announced a deal yesterday to buy Calgary-based Western Oil Sands Inc. (TSX: WTO)for $5.84-billion. Marathon, the fourth-largest U.S.-based integrated oil and gas company and the fifth-largest U.S. refiner, sees the oil sands as a natural future source of crude for its refineries.
Meanwhile, Suncor Energy Inc. (TSX:SU) has filed an application with regulators yesterday to build an expansion to its mining operations in northern Alberta that could cost $4.4-billion. The proposed Voyageur South mine would increase its crude output to 550,000 barrels a day by 2012 and possibly change the way that bitumen is mined from the oil sands. The new project is expected to utilize mobile ore preparation equipment, instead of current truck and shovel systems, an advance that could reduce noise pollution, air emissions and require fewer workers.
All in all, a $10 billlion day.
We need some of those around here.
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