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CNOOC Become First Ever Chinese Firm to Invest in Canadian Oil Sand Production

OIL Price -- In move that offers more proof of Canada’s shift from the US towards China as its number one oil and natural gas partner, CNOOC Ltd. have made a deal to buy Nexen Inc. for $15.1 billion. It will be the first time ever that a Chinese company owns and operates a Canadian oil sands production facility.

If you look at it the US really brought this on themselves; first by spurning China, then Canada. Chinese firms have focussed on Canada more and more in recent years after US political opposition saw CNOOC’s $18.5 billion bid for the California based Unocal Corp. fall through in 2005. Canada has been looking for an alternative market for its oil after President Obama blocked plans for the Keystone XL pipeline last year.

In a lighter version of ‘the enemy of my enemy is my friend’, Canada and

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Submitted Jul 25, 2012 By: mastermariner

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honda0105 Champion Author Tallahassee Posts:18,818 Points:1,636,245 Joined:Nov 2008	Message Posted: Jul 28, 2012 6:56:41 AM Ignore honda0105 Report Abuse China buys what the US can't afford.
RONALD777 Champion Author Houston Posts:3,313 Points:390,455 Joined:Nov 2007	Message Posted: Jul 27, 2012 10:17:32 PM Ignore RONALD777 Report Abuse Obama can take a bow for this fiasco.
bikerchicklette Champion Author Washington Posts:5,889 Points:1,300,620 Joined:Sep 2005	Message Posted: Jul 26, 2012 8:53:19 AM Ignore bikerchicklette Report Abuse yea ?
W4YAH Champion Author Florida Posts:1,223 Points:247,845 Joined:Feb 2012	Message Posted: Jul 25, 2012 11:53:46 AM Ignore W4YAH Report Abuse A day late and a dollar short.
doctorindyj Champion Author Santa Fe Posts:3,538 Points:864,310 Joined:Nov 2009	Message Posted: Jul 25, 2012 10:02:20 AM Ignore doctorindyj Report Abuse More power to them. Less to us.
nj2000ng Champion Author Houston Posts:1,507 Points:449,020 Joined:Jan 2010	Message Posted: Jul 25, 2012 9:30:54 AM Ignore nj2000ng Report Abuse ok
mswillia Champion Author Milwaukee Posts:2,741 Points:582,045 Joined:Feb 2010	Message Posted: Jul 25, 2012 8:52:11 AM Ignore mswillia Report Abuse highest bidder gets the merchandise
treehood Champion Author San Diego Posts:2,179 Points:423,485 Joined:May 2011	Message Posted: Jul 25, 2012 8:47:08 AM Ignore treehood Report Abuse The US did not bring this upon ourselves. The current administration brought this about. Gee, I wonder why?
ARCO Champion Author Pittsburgh Posts:2,473 Points:2,402,145 Joined:Sep 2005	Message Posted: Jul 25, 2012 8:45:54 AM Ignore ARCO Report Abuse WON'T BE THE LAST
bluebird1 Champion Author Toronto Posts:15,868 Points:3,133,875 Joined:May 2004	Message Posted: Jul 25, 2012 8:41:52 AM Ignore bluebird1 Report Abuse It's a first for owning facility outright but far from the first Chinese investment in the Oil sands!!!
vcsuksu21 Champion Author Oklahoma City Posts:2,514 Points:723,455 Joined:Dec 2010	Message Posted: Jul 25, 2012 8:41:08 AM Ignore vcsuksu21 Report Abuse ok
jwalkerh Champion Author Louisiana Posts:6,197 Points:1,377,430 Joined:Oct 2008	Message Posted: Jul 25, 2012 8:36:38 AM Ignore jwalkerh Report Abuse China is not picky...
ted4636 Champion Author Cleveland Posts:3,624 Points:1,664,385 Joined:Jun 2007	Message Posted: Jul 25, 2012 8:34:12 AM Ignore ted4636 Report Abuse ok
Hangnail309 Champion Author Manitoba Posts:6,158 Points:1,703,885 Joined:Aug 2006	Message Posted: Jul 25, 2012 8:33:51 AM Ignore Hangnail309 Report Abuse China, everywhere China ...
bikerchicklette Champion Author Washington Posts:5,889 Points:1,300,620 Joined:Sep 2005	Message Posted: Jul 25, 2012 8:32:51 AM Ignore bikerchicklette Report Abuse ok
Minutefan Champion Author Springfield Posts:3,409 Points:1,271,370 Joined:Aug 2004	Message Posted: Jul 25, 2012 8:32:22 AM Ignore Minutefan Report Abuse Interesting development.
techque Champion Author St. Louis Posts:8,790 Points:2,443,655 Joined:Apr 2005	Message Posted: Jul 25, 2012 8:32:19 AM Ignore techque Report Abuse the road to the end of North American prosperity.
curlypooh Champion Author New Jersey Posts:11,327 Points:2,032,520 Joined:Apr 2007	Message Posted: Jul 25, 2012 8:32:11 AM Ignore curlypooh Report Abuse We need a revolution in china
oppdetcon Champion Author Ottawa Posts:1,536 Points:524,430 Joined:Feb 2011	Message Posted: Jul 25, 2012 8:31:35 AM Ignore oppdetcon Report Abuse Money is the root of all evil...
schvanda63 Champion Author Lansing Posts:1,411 Points:280,120 Joined:Mar 2008	Message Posted: Jul 25, 2012 8:31:13 AM Ignore schvanda63 Report Abuse So instead of buying the oil AFTER it was run through the Keystone (if it was built), the Chinese are cutting out the middle man (the US) and buying it direct (and probably cheaper). China gets the oil either way. All the Keystone pipeline was going to do was make it easier to sell Canadian oil to the world market, NOT THE USA.
tribill Champion Author Twin Cities Posts:3,342 Points:2,360,360 Joined:Feb 2006	Message Posted: Jul 25, 2012 8:30:54 AM Ignore tribill Report Abuse Whatever...
Lologogo Champion Author Twin Cities Posts:1,380 Points:369,465 Joined:Sep 2011	Message Posted: Jul 25, 2012 8:30:00 AM Ignore Lologogo Report Abuse Great, now a country that cares even less about the environment is going to be running a very sensitive, and delicate operation on this continent. We might as well say goodbye to all the animals now, because they will all be gone in our lifetime.
js0743 All-Star Author Georgia Posts:981 Points:476,330 Joined:Nov 2011	Message Posted: Jul 25, 2012 8:29:56 AM Ignore js0743 Report Abuse No surprise there.
HoosierDaddyKY Champion Author Kentucky Posts:1,332 Points:309,160 Joined:Dec 2011	Message Posted: Jul 25, 2012 8:29:53 AM Ignore HoosierDaddyKY Report Abuse Very interesting!
rnlunder Champion Author Waco Posts:2,321 Points:497,625 Joined:Apr 2011	Message Posted: Jul 25, 2012 8:29:35 AM Ignore rnlunder Report Abuse Yep, another Obama misque. If he had approved the Keystone Pipeline as he should have done, this would have never happened....Now China owns all the oil, and we all know that China will build their own pipeline to the Pacific and they will reap the benefits of all that oil.
mitchells Champion Author Montreal Posts:3,966 Points:1,148,985 Joined:Oct 2009	Message Posted: Jul 25, 2012 8:27:56 AM Ignore mitchells Report Abuse They mainly bought NEXEN not for the oil sands, but for their other international reserves, like in the North Sea, since there's no way to currently get Canadian Oil Sands oil to China
ratboy1968 Champion Author Montreal Posts:2,752 Points:575,750 Joined:Oct 2011	Message Posted: Jul 25, 2012 8:27:39 AM Ignore ratboy1968 Report Abuse ok
doncNJ Champion Author New Jersey Posts:7,656 Points:1,531,820 Joined:Oct 2008	Message Posted: Jul 25, 2012 8:27:10 AM Ignore doncNJ Report Abuse And now China will get the oil than we could have had with the keystone pipeline.
TBecker1415 Champion Author Missouri Posts:1,670 Points:349,690 Joined:Nov 2011	Message Posted: Jul 25, 2012 8:27:03 AM Ignore TBecker1415 Report Abuse bad for US.
RockCity Champion Author Denver Posts:8,050 Points:1,454,585 Joined:Mar 2009	Message Posted: Jul 25, 2012 8:26:51 AM Ignore RockCity Report Abuse We will get back on track (big business running this country) soon enough. Most of mittens main team is comprised of the bush, cheney crowd. They will have us back to where we were in 2008 in no time perhaps.
OldMan322 Champion Author Illinois Posts:5,282 Points:1,621,155 Joined:Jul 2008	Message Posted: Jul 25, 2012 8:26:26 AM Ignore OldMan322 Report Abuse Thank you Mr. 'Nobama'
BigBrat Champion Author Phoenix Posts:2,688 Points:1,057,330 Joined:Dec 2004	Message Posted: Jul 25, 2012 8:26:16 AM Ignore BigBrat Report Abuse okj
maryph1958 Champion Author Cincinnati Posts:1,420 Points:283,095 Joined:Sep 2011	Message Posted: Jul 25, 2012 8:26:01 AM Ignore maryph1958 Report Abuse ok
Goatroper Champion Author Dallas Posts:6,685 Points:1,311,435 Joined:Apr 2004	Message Posted: Jul 25, 2012 8:24:46 AM Ignore Goatroper Report Abuse "Canada has been looking for an alternative market for its oil after President Obama blocked plans for the Keystone XL pipeline last year." says it all
leraar2 Champion Author Massachusetts Posts:3,899 Points:814,405 Joined:Mar 2011	Message Posted: Jul 25, 2012 8:24:26 AM Ignore leraar2 Report Abuse more BS from international oil companies that have no loyalty to any country.
ZeroBoxes Champion Author Mississippi Posts:1,079 Points:213,440 Joined:Apr 2012	Message Posted: Jul 25, 2012 8:24:12 AM Ignore ZeroBoxes Report Abuse What a missed opportunity. Stupidity is permanent; ignorance can be educated. The student also much show up and be willing to listen, question, and exchange ideas. Nuff said.
jh1552 Sophomore Author Cincinnati Posts:218 Points:42,125 Joined:Jul 2012	Message Posted: Jul 25, 2012 8:23:21 AM Ignore jh1552 Report Abuse ok
Blue_Cruzer Champion Author Lexington Posts:7,655 Points:1,696,310 Joined:Mar 2007	Message Posted: Jul 25, 2012 8:22:53 AM Ignore Blue_Cruzer Report Abuse Money talks>
mnbeancounter Champion Author Minnesota Posts:4,966 Points:1,089,620 Joined:Oct 2009	Message Posted: Jul 25, 2012 8:22:53 AM Ignore mnbeancounter Report Abuse Should have started on Keystone this last spring
cincommutr Veteran Author Cincinnati Posts:258 Points:1,065,910 Joined:Apr 2009	Message Posted: Jul 25, 2012 8:22:51 AM Ignore cincommutr Report Abuse Not like the U.S. gov. wasn't warned.
bozo Champion Author Boston Posts:4,690 Points:2,091,630 Joined:Feb 2003	Message Posted: Jul 25, 2012 8:21:41 AM Ignore bozo Report Abuse not good.
ModelWarships Champion Author Missouri Posts:5,885 Points:1,250,035 Joined:Jul 2008	Message Posted: Jul 25, 2012 8:20:40 AM Ignore ModelWarships Report Abuse sigh
DerTaubman Champion Author Detroit Posts:7,449 Points:1,556,745 Joined:Jun 2007	Message Posted: Jul 25, 2012 8:19:35 AM Ignore DerTaubman Report Abuse So the US isnt the only country selling out to China.
Goody2317 All-Star Author Wilmington Posts:680 Points:636,855 Joined:Jun 2008	Message Posted: Jul 25, 2012 8:19:05 AM Ignore Goody2317 Report Abuse Unless it is (failed) green energy technology, this president does not want to invest in anything that would keep this country dependent on fossil fuels (Keystone Pipeline).
oldred11 Champion Author Indianapolis Posts:1,725 Points:757,000 Joined:Mar 2011	Message Posted: Jul 25, 2012 8:19:03 AM Ignore oldred11 Report Abuse We knew this was coming, it was reported last year. Why is it now a surprise?
2gjh Champion Author North Dakota Posts:3,174 Points:2,447,600 Joined:Nov 2003	Message Posted: Jul 25, 2012 8:18:41 AM Ignore 2gjh Report Abuse Thanks to Obummer
radiorumor Champion Author Texas Posts:2,946 Points:780,565 Joined:Feb 2011	Message Posted: Jul 25, 2012 8:18:27 AM Ignore radiorumor Report Abuse It’s all about money; I could have bought this if I had 15.2 billion
LostToo Champion Author Illinois Posts:4,392 Points:975,315 Joined:May 2009	Message Posted: Jul 25, 2012 8:18:20 AM Ignore LostToo Report Abuse Well... It.... Will.... Make for easir supplie lines for when we blokade Canadian.
angel4me Champion Author San Jose Posts:2,814 Points:802,645 Joined:Dec 2010	Message Posted: Jul 25, 2012 8:18:17 AM Ignore angel4me Report Abuse the Chinese already own most of the world......
autohio Champion Author Ohio Posts:3,869 Points:844,280 Joined:Jan 2011	Message Posted: Jul 25, 2012 8:17:24 AM Ignore autohio Report Abuse Bound to happen