China to Take 100% Ownership in Oil Sands Project
Attention to Chinese state-owned enterprises taking controlling ownership of strategic oil and gas assets (or the companies that control them) in Canada was particularly high following the acquisition of Nexen by China National Offshore Oil Corporation (CNOOC). New rules were put in place to bring scrutiny to similar such circumstances in the future. Reports indicate, however, that PetroChina is set to acquire the remaining 40 percent of Brion Energy Corporation, a joint venture (JV) company setup by PetroChina and Athabasca, which is seeking to develop the 250,000-barrel-a-day steam-driven Dover oil sands project in Canada. This would give PetroChina its second 100% owned oil sands project in Canada and demonstrates a trend that is worthy of attention, given past events.