The Annual Offshore Oil & Gas Event
logo

The 25thBeijing International Offshore Oil & Gas Exhibition

ufi

BEIJING,CHINA

March 26-28,2025

LOCATION :Home> Media & Partner > Exhibition News

Sunshine Oilsands Eyes Joint Ventures with Sinopec

Pubdate:2012-03-06 10:03 Source:zhanghaiyan Click:

A deal to talk joint ventures with a Chinese national oil company could shrink the 12 years Sun-shine Oilsands Ltd. has allot-ted to grow to 200,000 barrels per day of bitumen output, says its chief executive.
 
John Zahary said Friday the $580 million the Calgary-based company raised in a Hong Kong Stock Exchange initial public offering this week, along with previous private equity, will cover its first two 10,000-bpd thermal projects in northern Alberta.
 
After that, a memorandum of understanding signed last month with China Petroleum & Chemical Corp. (known as Sinopec Corp.), could provide the next level of support.
 
"They want to talk about project-level investment, essentially something like a JV," he said.
 
"We've got a bunch of capital now, but the asset base is a couple of orders of magnitude bigger than our funded projects today so there's an opportunity to accelerate the activity."
 
He said Sunshine estimates it will cost an average of $33,000 per flowing barrel to grow to 200,000 bpd, a total of $6.6 billion, with earlier phases costing $45,000 to $50,000 per flowing barrel due to constructing roads and other infrastructure.
 
National companies China Investment Corp., a sovereign wealth fund, and producer/re-finer Sinopec were "corner-stones" in the Sunshine IPO financing, each taking $150 mil-lion worth of the deal before the shares were priced, said Zahary.
 
They wound up with eight per cent equity stakes.
 
Wenran Jiang, a senior fellow at the Asia-Pacific Foundation of Canada and a professor at the University of Alberta, said Sinopec is adopting new roles beyond being an oil and gas producer and refiner.
 
"The new role of Sinopec is not just as a Chinese entity but as an international leader of financing and gathering different capital streams from institutions globally," he said.
 
He said buying shares in Sunshine doesn't guarantee Sinopec will back its project directly, but it doesn't preclude that happening either.
 
Sunshine's initial 10,000-bpd steam-assisted gravity drain-age project, called West Ells, has received Alberta regulatory approval and is under construction, and the company has applied for similar initial phases at Thickwood and Legend Lake.
 
All are located west of Fort McMurray in northern Alberta. West Ells is to grow to 100,000 bpd through future phases and the other two to 50,000 bpd each.
 
Zahary said the projects represent 20 per cent to 25 per cent of the company's asset base. It has identified up to 54 billion barrels of petroleum initially in place on its 465,000 hectares of oilsands leases.
 
Zahary was reached in Vancouver on his way back from Hong Kong where, in a ceremony on Thursday, company founders Michael Hibberd and Shen Songning opened the day's trading.
 
"It's bang the gong to list in Hong Kong," Zahary quipped.
 
About 60 guests attended, half from Asia and the other half from Canada, made up of company executives, family members, investors and bankers.
 
That night, a crowd of about 200 came to a gala dinner to celebrate the listing.
 
Zahary said the listing took longer than expected and the shares were priced at the bottom end of its target of HK$4.86 to HK$5.08, but he's satisfied with the result.
 
"It was a time-consuming process but ultimately it positions us in a part of the world where investors are looking for oil and gas exposure, where they like Canada."
 
Zahary said the company is already thinking about applying for a secondary listing in Canada and plans to get in line with Canadian requirements for public companies.
 
The stock closed unchanged at HK$4.70 Friday, about 60 cents Canadian, valuing the company at $1.7 billion.

主站蜘蛛池模板: 欧美交a欧美精品喷水| 91欧美在线视频| 精品视频在线看| 把极品白丝班长啪到腿软| 尾野真知子日韩专区在线| 国产xxxx视频在线观看| 亚洲日产2021三区在线| 中文亚洲成a人片在线观看| 被弄出白浆喷水了视频| 欧美又黄又嫩大片a级| 天天躁夜夜躁天干天干2020| 国产jizzjizz视频免费看| 久久久无码精品亚洲日韩蜜桃 | 99久re热视频这里只有精品6| 男人的天堂久久| 处女的诱惑在线观看| 亚洲综合色网站| 一本色道久久88亚洲精品综合| 精品无码国产一区二区三区麻豆 | 亚洲国产91在线| 麻豆视频免费播放| 日韩成人在线网站| 国产男人午夜视频在线观看| 亚洲av最新在线观看网址| 黄视频免费下载| 无码日韩精品一区二区免费| 又大又黄又粗又爽视频| www国产无套内射com| 水蜜桃无码视频在线观看| 国产精品亚欧美一区二区三区| 五月天婷婷在线视频国产在线| 高清国产av一区二区三区| 日产乱码卡一卡2卡3视频| 再深点灬舒服灬太大了网站| 99视频在线观看视频| 欧美日韩一二三| 国产区在线视频| 一级黄色片免费观看| 波多野结av衣东京热无码专区 | 动漫裸男露ji无遮挡网站| ririai66在线观看视频|