Oilsands Quest, Inc. - Energy stocks advanced on Thursday as July crude oil futures pushed their way closer to the $70 mark. Related Quotes Symbol Price Change BQI 1.16 +0.11 Chart for Oilsands Quest Inc
Oil is up big today, sending related equities on a run, snd oil sands stocks are up as much as 10%..
you see all those 1.20's going through AH before the close... nice... ;-)
prev. high is the new resistance level :-) BQI has nice bull hike back UP :-) fast down - fast UP :-) did it in 2007 - 2008 :-) bqi has more values now :-) than it ever had before - history often repeat itself -
Quest Oilsands Quest Inc. is exploring Canada's largest holding :-) of contiguous oil sands permits and licences, located in Saskatchewan and Alberta :-) and developing Saskatchewan's first global-scale oil sands discovery. It is leading the establishment of the province of Saskatchewan's emerging oil sands industry.. :-) imo. tia.
CALGARY, Alberta (Reuters) - PetroChina ( PTR - news - people ) is set to pay C$1.9 billion ($1.7 billion) for a 60 percent stake in two planned Canadian oil sands projects, China's biggest investment yet in one of the world's largest untapped oil regions.
PetroChina, the world's most valuable oil company, has signed an initial agreement to take majority control of the proposed MacKay River and Dover oil sands projects owned by Canada's closely held Athabasca Oil Sands Corp (AOSC), properties that could eventually produce as much as 500,000 barrels per day, the Canadian company said on Monday.
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"They obviously see a lot of upside," Sveinung Svarte. ASOC's chief executive, said in an interview.
PetroChina's international arm will also provide some financing for AOSC, which controls about 1.3 million acres of oil sands properties in the Canadian province of Alberta.
"PetroChina is probably looking to lock in a sizable position in the oil sands," said Chris Feltin, an analyst at Tristone Capital. "But it's going to take a long time to develop Athabasca's projects."
The oil sands in northern Alberta have the largest crude reserves outside the Middle East. But while China's state-controlled oil companies have been aggressively acquiring conventional oil reserves around the world to power a growing economy, they have so far made only very small investments in the oil sands.
Sinopec owns a 10 percent stake in a planned Total SA project while CNOOC ( CEO - news - people ) owns just under 17 percent of a small privately held oil sands project.
PetroChina is the first major player to invest in the oil sands region since oil prices plunged last year and billions of dollars worth of projects were canceled.
The recent dearth of investment may help smooth approvals for the deal from the Canadian government, which has recently been making an effort to improve relations with China.
"The Canadian government is looking for investment and injections of capital," said William Lacey, an analyst at FirstEnergy ( FE - news - people ) Capital. "I don't see why this wouldn't be viewed as a positive."
Athabasca said it had notified Ottawa of its pending deal with the Chinese firm.
"We've been in contact with the Canadian government and the Alberta government to make sure they were aware this transaction was coming," Bill Gallacher, AOSC's chairman, said on a conference call. "We are going to obviously follow the required regulatory approvals pathway that's needed in order to make sure this transaction moves forward."
Athabasca and PetroChina plan to exploit the properties, which contain an estimated 5 billion barrels, using thermal techniques, in which the tarry-bitumen reserves are heated so they flow to the surface.
Athabasca Oil Sands has already filed for regulatory approval in Alberta to build two pilot projects to test production at the properties and expects to seek further approval for a 35,000 barrel per day project at the MacKay River site, which could be operating within five years.
Future expansions could take output from the two sites to between 300,000 and 500,000 barrels per day, Gallacher said, though no schedule for those additional phases has been set.
Svarte said the company would likely ship its initial output to U.S. refiners, but would consider other export routes if they open up.
PetroChina was an early backer of Enbridge Inc ( ENB - news - people )'s Northern Gateway ( GTW - news - people ) pipeline, in 2005 signing a memorandum to consider taking up to half the space on what was then seen as a 400,000 bpd pipeline to take oil sands crude to an export port on Canada's West Coast.
PetroChina has never moved to cement that agreement, though Jennifer Varey, a spokeswoman for Enbridge, said the memorandum of understanding the two companies signed remains in effect.
Enbridge plans to apply for a permit to build the line later this year. If approved the now 525,000 bpd line could offer PetroChina a way to move its share of oil sands production to its home market.
The deal is PetroChina's second this year for a Canadian company. It's trying to buy Verenex Energy Inc so it can get the Canadian company's Libyan oil properties, but the North African country's government has said it would like to acquire Verenex itself and has so far refused to approve the acquisition.
PetroChina's American Depository Receipts fell $3.44 to $109.75 Monday on the New York Stock Exchange.
($1=$1.10 Canadian) (Editing by Frank McGurty and Peter Galloway)
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