Its a top oil firm after the $23-billion deal and is soon expected to be a must-have stock. Suncor Energy Inc, newly bulked up from its C$22.5 billion (US$ 20.8 billion) acquisition of Petro-Canada, would likely be the No. 2 issue on the Toronto Stock Exchange's (TSX) benchmark index GSPTSE, with a market cap close to C$55 billion. Suncor is set to be Canada's biggest energy company and largest industrial concern. The beefed-up firm is likely to see early demand for its shares from index funds. It is also set to attract big investors that need substantial holdings in large, liquid stock issues.
Crude oil production is Canada is expected to double within the next three decades, despite current tight finances and a slower pace of development in the oil sands, a new report has said. In a best case scenario, oil production is forecast to rise to 3.3 million barrels per day by 2015 from 2.7 million barrels last year, and up to 4.2 million barrels by 2025. Solely in the oil sands, production is expected to increase by 83 per cent to 2.2 million barrels per day by 2015, and climb to 3.3 million barrels per day by 2025.
OPEC oil producers are seen laying basis for tightening the market and oil prices are likely to respond by rallying later this year. Ed Morse, managing director of LCM Commodities, said: It is inevitable that the oil market will tighten this year. The only question is when. For full story, click here
The big three listed ‘integrated’ oil and gas players – so-called because they match “upstream” production with “midstream” transport and “downstream” marketing – have kicked off the UK company reporting season. For full story, click here
According to Mohammed Bin Dhaen Al Hamili, UAE Minister for Energy, oil and gas producers in the Middle East should continue to invest in the industry despite the fall in oil prices across the world. Mohammed Bin Dhaen Al Hamili, UAE Minister for Energy, said: As you know, recent events in global financial markets have [...]
Thursday, August 6, 2009