Production from the Bakken formation in the Williston Basin has been improving steadily with technological advances.

While overall greenhouse gas (GHG) emissions from oil sands operations are still rising, some producers are improving their environmental performance, according to the latest available government data analyzed by CanOils.

The Canadian oil sands industry may once again be forced to table projects as it did in 2008 and 2009 when the global recession added to difficulties already faced by the industry. In addition to high operational costs, declining oil prices, and a skilled personnel shortage, oil sands projects now face competition from growing tight oil production from US oil plays – particularly North Dakota’s Bakken, noted Wood Mackenzie in a recent report. 

To successfully reduce the United States' dependence on fuels from outside North America, the government must pursue policies that foster the diversion of Canadian oil sands crude to US Gulf Coast refineries, according to a new study by Rice University’s Baker Institute for Public Policy.

Calgary-based private company Surmont Energy Ltd. has completed its winter 2011/2012 oilsands exploration program at the company’s oilsands leases located about 70 kilometres southwest of Ft. McMurray, Alberta.

Calgary-based private company Surmont Energy Ltd. has begun to receive initial corehole results from its 2011/2012 Alberta oilsands drilling program.

Calgary-based private company Surmont Energy Ltd., in conjunction with its operating partner Bounty Developments Ltd., has completed field acquisition of a $3 million 13 square kilometer 3-D seismic program southwest of Ft. McMurray, Alberta.

On January 3, Canadian crude producer Athabasca Oil Sands Corp. announced it sold its remaining 40% interest in the MacKay River oil sands project to Cretaceous Oilsands Holdings Ltd., a wholly owned subsidiary of PetroChina International Investment Ltd.

Government backed Asian companies made further moves for global oil and gas resources this week, with the target areas ranging from Canada and the United States to Australia.

Pipeline and energy storage company Kinder Morgan Energy Partners LP said Wednesday that it will invest roughly $210 million to construct seven tanks with a storage capacity of 2.4 million barrels for crude oil and condensate at its Edmonton Terminal in Strathcona County, Alberta.

CNOOC Luxembourg S.a r.l, an indirect wholly-owned subsidiary of CNOOC Ltd., has completed its acquisition of OPTI Canada Inc. The total value of the consideration is approximately US$2.1 billion.