Southern Pacific Resource Corp STPJF

Energy Oil & Gas E&P

Southern Pacific Resource Corp. is a Canada-based company, which is engaged in the thermal production of heavy oil in Senlac, Saskatchewan on a property known as STP-Senlac, and thermal production of bitumen on a property located in the Athabasca region of Alberta known as STP-McKay, as well as exploration for and development of in-situ oil sands in the Athabasca region of Alberta. Its STP-McKay property consists of oil sands leases totaling approximately 37,760 acres. The Company’s operations also include Anzac, Hangingstone and Ells. The Company’s STP-McKay property is located approximately 45 kilometers northwest Ft. McMurray. The Anzac project covers approximately 117 kilometers of two-dimensional (2D) seismic. The Company owns 80% interest in Hangingstone project. The Ells project covers approximately 164 kilometers of two-dimensional (2D) seismic.

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Southern Pacific Resource Corp

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Post by LeGagneuron Aug 07, 2011 4:37am

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Post# 18913019

China buys another piece of oil patch

China is taking another major step into Canada’s resource sector, striking a deal to buy an unloved chunk of the oil sands – one in need of cash and patience.

China National Offshore Oil Corp., the smallest of the country’s three state-owned energy outfits, has agreed to a $2.1-billion (U.S.) deal to buy OPTI Canada Inc., a struggling oil sands company with unique technology for extracting and processing bitumen from Alberta’s oil sands.

“This isn’t just about reserves. This is also about the technology to take those reserves out,” said Chris Lee, the leader of Deloitte & Touche LLP’s Canadian energy and resources division. “This is another way for the Chinese to get more operational experience and access to different types of technology.”

All three of China’s state-controlled energy companies – CNOOC, PetroChina International Investment Co. Ltd. and Sinopec Corp. – along with China Investment Corp., are players in Canada’s oil patch. While they have been content to own minority stakes and learn the ropes, rather than operate the controls, this approach may change as they gain experience. The proposed $5.4-billion (Canadian) joint venture partnership between PetroChina and Encana Corp. fell apart last month as the pair battled over who would run the project, a source close to the deal said.
https://www.theglobeandmail.com/report-on-business/industry-news/energy-and-resources/chinas-cnooc-to-buy-opti-canada-for-21-billion/article2103126/