Connacher Oil & Gas Ltd CLLZF

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Petroleum ministry tells Petrofed to form consortium of oil companies to participate in Canadian oil sands opportunities https://www.indianpetro.com/ Nov 21: 8Recognising the rich prospects offered by Candian oil sands flush with heavy oil, the petroleum ministry has entrusted the Petroleum Federation of India (Petrofed) with the task of forming a consortium of Indian oil PSUs to pool their resources and technical expertise for jointly pursuing the opportunity. With shrinking conventional oil and gas resources struggling to keep pace with the rising demand, oil sands are emerging as a viable alternative for meeting future energy demands. The Canadian oil sands are world class assets with an estimated 1.7-2.5 trillion barrels of heavy oil in place, representing a third of the known oil reserves in the world. As per present estimates, around 185 billion barrels of recoverable oil is present in the form of oil sands in Canada and are acknowledged as the second largest hydrocarbon resource base after Saudi Arabia. The present rate of production from Canadian oil sands is around 1.5 MMbbl/day, which is expected to grow to 2.7 MMbbl/day by 2015. 8However, there is a danger that unless India gets on the bandwagon of companies prospecting this opportunity soon, it may be left out of the picture altogether. Worldwide investment lined up for different oil sands projects is to the tune of $60 billion. There are currently over 27 planned and producing oil sands projects requiring an investment of about $65-80 billion over next decade. The Canada oil sands sector is witnessing significant acquisitions and investment by leading international energy players and is expected to maintain this momentum in the coming years also. There is lot of competition for oil sands assets. Notably, the national oil companies of China are involved in the acquisition of oil sands assets in a big way. Some of the independent oil sands companies which represent potential initial oil sands investment opportunities by way of partnering, equity investment or acquisition are the North American Oil Sands Corporation, MEG Energy, JACOS, Synenco Energy Inc., Connacher Oil & Gas, North West Upgrading, PetroBank Energy Resources, Oil Sands Quest Inc.