Saddam Hussein

Tue, 2014-10-14 13:35Steve Horn
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Tar Sands Trade: Kuwait Buys Stake in Alberta As It Opens Own Heavy Oil Spigot

Chevron made waves in the business world when it announced its October 6 sale of 30-percent of its holdings in the Alberta-based Duvernay Shale basin to Kuwait Foreign Petroleum Exploration Company (KUFPEC) for $1.5 billion.

It marked the first North American purchase for the Kuwaiti state-owned oil company and yields KUFPEC 330,000 acres of Duvernay shale gas. Company CEO and the country's Crown Prince, Sheikh Nawaf Al-Ahmad Al-Jaber Al-Sabah, called it an “anchor project” that could spawn Kuwait's expansion into North America at-large. 

Kuwait's investment in the Duvernay, at face-value buying into Canada's hydraulic fracturing (“fracking”) revolution, was actually also an all-in bet on Alberta's tar sands. As explained in an October 7 article in Platts, the Duvernay serves as a key feedstock for condensate, a petroleum product made from gas used to dilute tar sands, allowing the product to move through pipelines. 

And while Kuwait — the small Gulf state sandwiched between Iraq and Saudi Arabia — has made a wager on Alberta's shale and tar sands, Big Oil may also soon make a big bet on Kuwait's homegrown tar sands resources.

“Kuwait has invited Britain’s BP, France’s Total, Royal Dutch Shell, ExxonMobil and Chevron, to bid for a so-called enhanced technical service agreement for the northern Ratqa heavy oilfield,” explained an October 2 article in Reuters. “It is the first time KOC will develop such a big heavy oil reservoir and the plan is to produce 60,000 bpd from Ratqa, which lies close to the Iraqi border [in northern Kuwait]…and then ramp it up to 120,000 bpd by 2025.”

In the past, Kuwait has said it hopes to learn how to extract tar sands from Alberta's petroleum engineers.

Mon, 2012-09-24 05:00Farron Cousins
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Psychological Study Reveals Why Misinformation Is So Effective

An intriguing new study released last week in Psychological Science in the Public Interest reveals why people are more apt to believe false information being fed to them by the media and politicians.

According to the team of psychological scientists working on the study, led by Stephan Lewandowsky of the University of Western Australia, the main reason that people are more likely to believe false information (for example, that climate change is a hoax) is because it actually takes less brain power to believe a statement is false than to accept it as truth. Finding the truth takes time and effort that people often don’t care enough to spend on particular issues that aren’t of immediate concern.

A few excerpts from the report:

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