Husky announced that it is acquiring a number of assets in Alberta and northeast British Columbia from ExxonMobil for $860 million. The acquisition will add approximately 21,900 boepd to Husky’s production totals. The transaction is subject to regulatory approval.
The International Energy Agency (IEA) recently released a report predicting that oil will remain the leading fossil fuel for another 25 years. Oil prices are projected to rise to $113 per barrel by 2035, and overall world daily consumption of oil is expected to reach 99 million barrels. In particular, the report estimates oil sands production could be as high as 4.6 million bpd by 2035.