Canada's two major oil company merger

According to media in Ottawa on July 22 reported that the Canadian Competition Bureau has approved the Government of Canada No. 2 Spodiopogon sand production company Suncor Energy Inc. and No. 3 largest oil company in Canada Petro-Canada merger.

Competition Bureau Canada, the Government agreed to the agreement called for Suncor Energy Inc. and Petro-Canada to take measures to maintain Ontario's retail and wholesale business and in the next 10 years into the Ontario area of the supply and production. Suncor Energy President and CEO, said the new company after the merger will become Canada's largest energy companies. Under the agreement, Suncor Energy Inc. and Petro-Canada from the merger of August 1 this year will take effect.

Jul. 23, 2009

BP: the world's remaining proven reserves of crude oil production to 42 years

Published on the 17th British Petroleum "BP Statistical Review of World Energy 2009," said the world's remaining proven oil reserves of 1.258 trillion barrels (excluding the Canadian oil sands), in accordance with the 2008 annual exploitation rate could be mining for 42 years.

Statistical report also pointed out that in the same manner in accordance with the terms of the existing exploitable natural gas reserves 60 years, and the exploitation of coal reserves could be 122 years.

According to BP's statistics, in 2008 the global primary energy consumption increased by 1.4% in 2001, the slowest growth since a year. China's energy consumption growth slowed for the first 5 years. Overall energy consumption in developed countries fell by 1.3 percent, the U.S. energy consumption declined by 2.8%, in 1982 the largest decline since. BP chief economist at the Ruhr Christopher pointed out that non-OECD countries in 2008 primary energy consumption in OECD countries for the first time.

"BP Statistical Review of World Energy 2009" shows that in 2008 global oil consumption by 0.6%, which is since 1993 the first decline in 27 years is also the biggest drop. Oil consumption in OECD countries fell 3.2%, the third consecutive decline in 3 years. Among them, the United States drop the top, down 6.4%.

Jul. 19, 2009