Chinese companies commit to Canadian oil sands despite setbacks, poor operating results

This translation has been automatically generated and has not been verified for accuracy.While some European and U.S. companies cut their exposure to the Canadian oil sands, China’s Big Three oil giants – China National Offshore Oil Corp. , PetroChina Co. Ltd. and China Petroleum & Chemical Corp., or Sinopec – seem content to let their bets ride even if the results haven’t been spectacular.

The company is drilling new wells and experimenting with various technologies to boost output, he said, adding a go-ahead for Dover has been put on hold until MacKay proves itself. “Our oil sands assets are an important part of our North American portfolio and we remain committed to our Canadian operations,” CNOOC spokesman Kyle Glennie wrote in a brief e-mail.

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Chinese companies commit to oilsands despite setbacks and poor operating resultsWhile some European and U.S. companies cut their exposure to the Canadian oilsands, China's Big Three oil giants -- CNOOC, PetroChina and Sinopec -- seem content to let their bets ride even if the results haven't been spectacular. Wait a minute. I thought the Alberta oilsands were the most efficient, best run operations ever.
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