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Report: Sinopec may back away from Northern Lights oil sands lease

  • Sinopec (SNP) reportedly may shelve development of its Northern Lights oil sands lease in Alberta or sell the property entirely, as Chinese companies begin to rethink future investment prospects in Canada.
  • Cnooc's (CEO) interest in cutting costs in its Canada operations, numerous delays in granting a visa and work permit for Cnooc's new CEO, and unforeseen difficulties in bringing technical staff to Canada from China are said to have raised concerns at SNP and PetroChina (PTR).
  • SNP owns a 50% stake in Northern Lights, while Total (TOT) holds the remaining 50%; the lease is estimated to hold ~1.08B barrels of recoverable bitumen.
Comments (10)
  • georgealphabeta
    , contributor
    Comments (57) | Send Message
     
    Sounds like Sinopec and CNOOC were trying to play and abuse Canada's immigration and labor laws and got caught trying to break the laws. So, now these companies turn to thinly veiled blackmails of quitting the projects. What a way to force Canadian government to bring tens of thousand foreign workers across numerous construction sites.
    10 Jul, 01:19 AM Reply Like
  • Trevor Philips, CEO of TPI
    , contributor
    Comments (3) | Send Message
     
    so, when a company wants to have an expert overseer on-site, that's abuse?

     

    and this is not standard for every FDI construction project worldwide, how?

     

    Sinopec's lead overseer is actually one of the foremost experts in Alberta for oil sands development... you would know this if you've ever actually put your boots on the ground up here
    10 Jul, 08:30 PM Reply Like
  • georgealphabeta
    , contributor
    Comments (57) | Send Message
     
    To Trevor, those experts overseers from China were building and supervising a tank farm for CNRL in Aberta, Canada. During construction an accident happened a massive storage tank collapsed, killing 2 workers and injuring some others. Some other tanks were built defectively resulting in in costly $100"s million rework. SINOPEC a Chinese oil company and its subsidiaries were charged and convicted for breaking Canadian laws in regard to lack of safety on its work site. For your education please google "CNRL tank farm collapse". Trevor, you should do a proper research before posting untrue comments.
    10 Jul, 08:59 PM Reply Like
  • Veritas1010
    , contributor
    Comments (1529) | Send Message
     
    Sounds like that's the plan geoalphabeta!

     

    No way China Inc.walks from energy assets because they are merely bothered...I wish they would go home frankly, but don't believe it! There not "loonie"...excuse the very weak pun!
    10 Jul, 10:56 AM Reply Like
  • Trevor Philips, CEO of TPI
    , contributor
    Comments (3) | Send Message
     
    and so begins the loss of oil jobs

     

    thanks to our love anti-capitalism anti-pipeline friends
    10 Jul, 08:30 PM Reply Like
  • georgealphabeta
    , contributor
    Comments (57) | Send Message
     
    Trevor, please read my comments, before posting an answer. Sinopec as well as other Chinese firms try to bring under Foreign Workers Program labor and trade workers from China.Again please educate yourself on the subject before posting your comments. For example at Murray River coal mine Chinese owners were in the process to import up to 480 foreign workers from China while there were 695 Canadian miners laid off in the region. This blatant disregard for Canadian laws by the Chinese company owning the coal mine caused recent changes in Foreign Worker Program.
    10 Jul, 09:21 PM Reply Like
  • Trevor Philips, CEO of TPI
    , contributor
    Comments (3) | Send Message
     
    and so begin the loss of new oil jobs

     

    because of anti-pipeline anti-capitalists
    10 Jul, 08:30 PM Reply Like
  • georgealphabeta
    , contributor
    Comments (57) | Send Message
     
    Trevor, my comments are about creating jobs in Canada for Canadians first. Personally, for your knowledge, to refuse your accusation..., I set my boots in Alberta and I invest money in oil sands as well. You are also mistaken on your front. North America industries need influx of foreign capital, but that influx must be win - win situation for both sides. Chinese companies try to manipulate and break Canada regulations and laws to benefit Chinese government and themselves. That behavior creates situation where there is strong potential losing Canadian jobs. Good high paying labor and technical jobs for Canadian citizens.
    10 Jul, 09:42 PM Reply Like
  • perp123
    , contributor
    Comments (2) | Send Message
     
    Where in the news did you read that CEO tried to "play and abuse Canada's immigration and labor law?" Sounds like you are jumping to conclusion.
    10 Jul, 08:30 PM Reply Like
  • georgealphabeta
    , contributor
    Comments (57) | Send Message
     
    To perp123..., here are some links. http://bit.ly/1zsIbv4 .... http://bit.ly/1zsIdDn . I don't jump to conclusions, I base my judgment on facts.
    10 Jul, 09:52 PM Reply Like
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