ConocoPhillips (COP) has agreed to sell its Clyden oil-sands leasehold to Imperial Oil Ltd. (IMO, IMO.T) and Exxon Mobil Corp.’s (XOM) Canada arm for about $720 million as the exploration-and-production company continues to shed nonstrategic assets.
Read more: http://tinyurl.com/mx9zp7n
ExxonMobil recently issued its latest global energy projections in a report called the “2013 Outlook for Energy: a view to 2040.”
The report (pdf) is chock full of figures and graphs showing an inexorable rise in global energy demand and supply, as well as the growing market for Exxon’s products.
As can be expected, the report shows that despite some recent efficiency gains, the world is on course to consume ever growing amounts of energy, a large proportion of which will likely be derived from fossil fuels. Exxon places global growth in energy demand at 35% between 2010 and 2040.
Read more: http://tinyurl.com/bszqq4c
In the latest rush to take advantage of oil opportunities in Canada, Exxon Mobil announced it signed a deal to acquire Celtic Exploration Ltd. for around $2.6 billion. The deal would give the U.S.-based supermajor access to shale reserves in British Columbia and Alberta. It also follows a string of moves by rival foreign companies to establish a foundation in North America. While the Canadian government is eager to entice investors to its oil reserves, recent public opinion surveys suggest most are wary of what looks like a foreign takeover of the petroleum sector.
Read more: http://tinyurl.com/9ev7jfm