Suncor Energy and Petro-Canada have agreed to merge in a share exchange transaction. On completion of the merger, the combined entity will operate corporately under the Suncor name while maintaining the strong brand presence and customer loyalty of Petro-Canada in refind products.
- EnCana and ConocoPhillips have filed for regulatory approval of a 120,000 bpd of bitumen expansion of the Christina Lake oil sands project. The planned three new phases of the project will raise production to 218,000 bpd of bitumen over the next decade, using steam assisted gravity drainage techniques.
PetroBeam Inc. claims that they have developed a technology that can be used to lower the cost of producing, pipelining and upgrading heavy oil. It claims the technology will be useful in the Canadian oil sands. PetroBeam believes that they can build a 10,000 bbl project for US$30 million. The technology uses high-energy electrons as opposed to catalysts to reduce the viscosity of heavy oil.