While some European and U.S. companies cut their exposure to the Canadian oilsands, China91裸聊视频檚 Big Three oil giants 91裸聊视频� CNOOC, PetroChina and Sinopec 91裸聊视频� seem content to let their bets ride even if the results haven91裸聊视频檛 been spectacular.
In 2018, PetroChina produced an average of just 7,300 barrels per day of bitumen from its MacKay River thermal oilsands project, although it was designed to produce 35,000 bpd. In June, its output was about 8,700 bpd.
The Beijing-based company paid $1.9 billion in 2009 for 60 per cent interests in the proposed MacKay River and Dover oilsands projects being developed by Athabasca Oil Sands Corp. (now just Athabasca Oil Corp.), then bought out the rest of MacKay for $680 million in 2012 and Dover for $1.2 billion in 2014.
91裸聊视频淢acKay River is located in an area with complex geology, which creates challenges to heat up the reservoir to get the bitumen flowing,91裸聊视频� said spokesman Davis Sheremata in an emailed statement.
The company is drilling new wells and experimenting with various technologies to boost output, he said, adding a go-ahead for Dover has been put on hold until MacKay proves itself.
Still, 91裸聊视频淧etroChina Canada is committed to Canada for the long-term, having maintained its investments through economically challenging times.91裸聊视频�
CNOOC produced about 71,000 bpd from the oilsands in 2018, little changed from 66,800 bpd in 2014, shortly after it spent $15.1 billion to buy Calgary91裸聊视频檚 Nexen Energy and its diverse portfolio of domestic and international assets.
91裸聊视频淥ur oilsands assets are an important part of our North American portfolio and we remain committed to our Canadian operations,91裸聊视频� CNOOC spokesman Kyle Glennie wrote in a brief email.
Meanwhile, Sinopec paid $4.65 billion to buy a nine per cent stake in the Syncrude oilsands mining consortium from ConocoPhillips in 2010 and its resulting production has been steady since, registering just over 27,000 bpd in 2018.
The Chinese energy majors employ 91裸聊视频減atient capital91裸聊视频� and it seems unlikely they will leave the oilsands anytime soon, said Jia Wang, deputy director of the China Institute at the University of Alberta.
91裸聊视频淭he assets they bought may not be the most profitable or may require more capital intensive development. 91裸聊视频� (but) these are large Chinese companies, they91裸聊视频檙e not likely to become bankrupt,91裸聊视频� she said.
91裸聊视频淭hey have been through thick and thin, and different cycles of boom and bust. These (oilsands) operations in the grand scheme of these massive companies are not the largest chunk of their business so they can afford to have a presence here without incurring too much loss.91裸聊视频�
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Dan Healing, The Canadian Press
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