Two of the world’s richest man has come together to pay Canada Alberta’s Oil Sands a visit, leading to speculation that they are going to invest in fuel.
Canadian Natural Resources, Canada’s second-largest oil and gas firm, hosted part of the tour at its $9.3 billion Canadian (US$8.7 billion) Horizon oil sands project, which is currently under development.
Major oil companies are rushing to exploit Alberta’s oil sands, which make Canada one of the few countries that can significantly ramp up oil production amid the decline in conventional reserves. Industry officials estimate the region could yield as much as 175 billion barrels of oil, making Canada second only to Saudi Arabia in crude oil reserves.
Due the fact that the two had toured the region made the shares of two major oil sands players jump. Suncor Inc, Canada’s oldest oil sands company, gained C$3.62 to close at C$59.89, a jump of 6.4 percent. Canadian Natural Resources rose C$6.13 to C$88.40, a gain of 7.5 percent in trading of nearly 7.5 million shares.
via Herald Tribune