Canadian

Chevron Corp. said last week it will work with Irving Oil Ltd. to study the costs and other factors involved in building a C$500 million (US$320 million) liquefied natural gas (LNG) plant in Saint John, NB. Irving Oil, a family-owned company with energy interests in eastern Canada, announced two months ago that it was considering construction of an LNG plant at its ice-free Canaport deepwater facility, where it has operated an oil terminal since 1970 (see NGI, July 30).

Chevron Corp. said Monday it will work with Irving Oil Ltd. to study the costs and other factors involved in building a C$500 million (US$320 million) liquefied natural gas (LNG) plant in Saint John, NB. Irving Oil, a family-owned company with energy interests in eastern Canada, announced two months ago that it was considering construction of an LNG plant at its ice-free Canaport deepwater facility, where it has operated an oil terminal since 1970 (see Daily GPI, July 26).

Anadarko Petroleum Corp. has completed the acquisition of 100% of the common shares of Canadian-based Gulfstream Resources Canada Ltd., an international oil and gas company with assets in Qatar and Oman. The acquisition ups Anadarko’s proved reserves by 70 MMboe.

Finishing right on schedule, Anadarko Petroleum Corp. has completed the acquisition of 100% of the common shares of Canadian-based Gulfstream Resources Canada Ltd., an international oil and gas company whose assets are centered in Qatar and Oman. The acquisition ups Anadarko’s proved reserves by 70 MMboe.

Conoco Inc. completed its C$12.40 cash tender offer by its Canadian subsidiary Conoco Northern Inc. to purchase all of the outstanding ordinary shares of Gulf Canada Resources Ltd. on July 13. The purchase was first announced in May (see Daily GPI, May 30). Conoco has accepted nearly 524 million tendered ordinary shares of Gulf Canada, which represents about 96% of its shares. The transaction is accretive to Conoco’s earnings per share and to cash flow, and combined with reduced capital spending, it said that synergies between the two companies will enable it to quickly reduce a “significant” portion of the acquisition-related debt. Gulf Canada has extensive assets in Canada, as well as Indonesia and Southeast Asia. The deal gives Conoco a 50% boost in its North American natural gas production and proved natural gas reserves to 1.4 Bcf/d and 4.1 Tcf net, respectively. North American liquids production (crude oil, syncrude and natural gas liquids) will more than double, and proved North American liquids reserves (including syncrude) will more than triple.

Based on existing electrical facilities and proposed additions in Ontario, the Canadian province is expected to have a reliable supply of electricity for the next 10 years under a wide variety of conditions, according to a recent report issued by Ontario’s Independent Electricity Market Operator (IMO).

In a cash deal, Anadarko Petroleum Corp. is acquiring Canadian-based Gulfstream Resources Canada Ltd., an international oil and gas company whose assets are centered in Qatar and Oman. Anadarko will pay C$2.65 a share for the company, making it work about US$137 million, and will add an estimated 70 MMboe of proved reserves and 4,700 b/d of production to its portfolio.

Unocal Corp. said on Friday that its Canadian subsidiary, Northrock Resources Ltd., has entered into an agreement via a take-over bid offer to acquire all of the common shares of Tethys Energy Inc., a Calgary-based oil and gas exploration company operating in Western Canada, for approximately C$144 million (US$93 million).

Unocal Corp. said on Friday that its Canadian subsidiary, Northrock Resources Ltd., has entered into an agreement via a take-over bid offer to acquire all of the common shares of Tethys Energy Inc., a Calgary-based oil and gas exploration company operating in Western Canada, for approximately C$144 million (US$93 million).