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: 亚洲欧美日韩另类在线一| 欧美日韩一区二区综合| 成人免费视频软件网站| 国产亚洲美女精品久久久久| 伊人天堂av无码av日韩av| 久久精品国产大片免费观看| 亚洲第一成人在线| 欧美一级视频在线观看| 国产精品欧美在线不卡| 免费99热在线观看| 不卡精品国产_亚洲人成在线| 羞羞答答www网址进入在线观看| 日本三级片网站| 国产99热在线观看| 久久精品资源站| 麻豆传煤入口麻豆公司传媒| 日本精品高清一区二区2021| 国产精品水嫩水嫩| 亚洲啪啪av无码片| 日本免费一区二区在线观看| 欧美最猛性xxxxx免费| 国产精品美女一区二区| 人妻久久久一区二区三区| 久久99精品久久| 国产h片在线观看| 欧美大片va欧美在线播放| 夜夜精品无码一区二区三区| 午夜精品一区二区三区在线观看| 一级毛片看一个| 特一级黄色毛片| 国产超碰人人模人人爽人人添| 亚洲国产精品久久久久秋霞影院| AV无码久久久久不卡网站下载| 污污的网站免费在线观看| 国产精品天干天干综合网| 亚洲狠狠狠一区二区三区| 真实男女动态无遮挡图| 日韩大片在线永久免费观看网站| 国产三级自拍视频| 久久久久亚洲精品男人的天堂| 黄色一级视频网站|