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S. KOREA TO PURCHASE OIL SANDS MINE IN CANADA.
SEOUL, July 3 Asia Pulse - South Korea plans to buy an oil sands mine in Canada that is expected to produce 250 million barrels of oil, the Ministry of Commerce, Industry and Energy said Sunday.
It said the size of the deposits of the mine in the Cold Lake region of Alberta will allow 30,000-35,000 barrels of oil to be extracted per day for the next 20 years.
Initial production is expected around 2008, with full-scale operations to commence two years later.
Oil sands, also referred to as tar or bituminous sands, are deposits of bitmen trapped in a mixture of clay, sand and water. They are in essence sand or sandstone containing at least 10 per cent petroleum.
There are estimated to be 175 billion barrels of petroleum that can be extracted from oil sands mines around the world.
The ministry said once production begins, it could noticeably raise the country's oil output self-sufficiency level by around 1.2 per cent.
South Korea currently produces 115,000 barrels of oil daily from local and overseas oil fields.
- S. KOREA BUYS 250 MLN BARREL OIL SANDS MINE IN CANADA.
- News wire article from: AsiaPulse News July 24, 2006 700+ words
...States to process oil sands to make them into...energy expert said if South Korea buys more oil sands mines, it may ask...market or brought to South Korea. Industry insiders...impractical to process oil sands if global crude prices...
- S. Korea buys 250-million-barrel oil sands mine in Canada.
- News wire article from: YON - Yonhap News Agency of Korea July 25, 2006 700+ words
...States to process oil sands to make them into...energy expert said if South Korea buys more oil sands mines, it may ask...market or brought to South Korea. Industry insiders...impractical to process oil sands if global crude prices...
- S. Korea to purchase 250-million-barrel oil sands mine in Canada.
- News wire article from: YON - Yonhap News Agency of Korea July 2, 2006 700+ words
...SEOUL, July 2 (Yonhap) -- South Korea plans to buy an oil sands mine in Canada that is expected...American market or brought to South Korea. The official also said if South Korea is able to buy more oil sands mines, it might consider setting...
- ONGC eyes Canada oil sands.(International)(Oil and Natural Gas Corporation...
- Newspaper article from: The Oil Daily February 4, 2008 700+ words
...the acquisition of Canadian oil sands assets as a key objective...started a search for Alberta oil sands assets as part of the country...countries, including China, South Korea and Norway, have snapped up oil sands assets in northern Alberta...
- Sinopec solidifies China's pursuit of oil sands.(Northern Lights oil sands...
- Newspaper article from: The Oil Daily Irwin, James June 1, 2005 700+ words
...stake in the Northern Lights oil sands project in northeastern Alberta...stakes in Alberta's vast oil sands deposits, further solidifying...1999 to explore the Athabasca oil sands region. In 2003, Synenco...as well as China, Japan, South Korea and Taiwan (OD May5,p6...
- Oil sands interest seen expanding as SEC mulls rules change.
- Newspaper article from: The Oil Daily Irwin, James August 10, 2005 700+ words
...increasingly drawn to Alberta's vast oil sands deposits, according to the Bank of Montreal...Coxe said the long reserve life of the oil sands--on average about 90 years--will...regarding booking proved and possible oil sands reserves. Under current SEC rules...
- Western Oil Sands Inc.
- Reference information from: International Directory of Company Histories, Volume 85 Dinger, Ed January 1, 2007 700+ words
Western Oil Sands Inc. Suite 2400, Ernst & Young...Petroleum and Natural Gas Extraction Western Oil Sands Inc. is a Calgary, Canada-based company...operational expertise to the Athabasca Oil Sands Project, a joint venture with Shell...
- Alberta oil sands: supply security just a pipeline away.
- Magazine article from: Pipeline & Gas Journal Herbst, Alan M. November 1, 2004 700+ words
...Venezuela, Mexico and Canada. The Canadian oil sands industry, primarily located in the province...Over the last few decades, Canadian oil sands production has grown from relatively...an amount approaching 1 million bpd. Oil sands are naturally occurring mixtures of several...
Source: HighBeam Research, S. KOREA TO PURCHASE OIL SANDS MINE IN CANADA.