Russia is the latest foreign country to enter Canada’s oilpatch by establishing a foothold in Alberta’s Cardium oil play through a joint venture agreement with Exxon Mobile. Russia’s national oil company, Rosneft, will be drilling for Cardium oil at Harmattan through its subsidiary RN Cardium oil inc.
Foreigners are playing RISK on our land except instead of placing army pieces on our resource plays, they are simply placing $ signs. Chinese, Koreans, Japanese and now Russians are part of our energy landscape holding oil and natural gas resources.
Our resources are prized by others yet our energy stocks are selling at 2 and 3 for 1 right now even for the oil weighted ones which is flabbergasting. Oh well, we might appreciate the value of our resources once we have lost most of them. Until then, I have to agree with the foreigners who see value in our resources, so I will keep highlighting our resource plays and our Canadian oil and gas companies as I believe there will be money to be made in this sector for years to come. Oil price differentials will not last, natural gas prices will eventually recover and the current seasonal weakness will soon get behind us, it’s all deja-vu.
News Roundup
Oil companies rush to Bakken-fuelled boom
U.S. fracking rules let drillers flare till 2015
Nova Scotia issues two-year moratorium on fracking
Toyota Tsusho to invest $602M in Encana field
Argentina Seizes Oil Producer YPF
Blog Roundup
Drilling Down Under: Canadian Oil Companies in Australia (Canadian Oil Stocks)
Canadian National Railway: $65/Share is Fair Value (Dividend Monk)
When to sell a dividend paying stock (My Own Advisor)
Should I Convert My Variable Rate Mortgage to a Fixed Rate Mortgage? (Invest it Wisely)
To Peak Oil or Not To Peak Oil? (101 Centavos)
Why Are Environmentalists Against North American Oil & Gas? (FG)
Carnival Roundup
The Carnival of Financial Camaraderie #30
Have a Great weekend!
