- 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.
Report: Sinopec may back away from Northern Lights oil sands lease
From other sites
ETF Screener: Search and filter by asset class, strategy, theme, performance, yield, and much more
ETF Performance: View ETF performance across key asset classes and investing themes
ETF Investing Guide: Learn how to build and manage a well-diversified, low cost ETF portfolio
ETF Selector: An explanation of how to select and use ETFs