From: Financial Post
by Jeff Lewis and Claudia Cattaneo
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| After spending roughly $30-billion on Canadian oil and natural gas assets over the last six years, making it the largest foreign investor in Canadian energy, China is grappling with issues that have long plagued its North American rivals, including high costs, operational challenges, aboriginal issues and volatile bitumen prices |
Handout/Nexen
At a recent conference at Beijing’s Four Seasons Hotel, one of many
featuring trade missions from Canada promoting energy-related
investment, Feng Zhiqiang wondered aloud about the next blockbuster
Chinese energy deal in Alberta’s oil patch.
“If Sinopec decides to do its own Nexen, what would Canada do?” the
chief executive and chairman of Sinopec Daylight Energy Ltd. asked.
The question was put to Canadian political and energy powerbrokers,
including Joe Oliver, Canada’s natural resources minister, Rich Coleman,
B.C.’s natural gas minister, Alberta energy minister Ken Hughes and
David Collyer, the head of the Calgary-based oil industry association.
“The room virtually went silent,” recalled Wenran Jiang, director of
the Canada-China Energy and Environment Forum and an advisor to the
Alberta government on China, who organized the event that day. “Nobody
was able to answer that question.” MORE
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