ConocoPhillips to sell oil sands lease to Imperial, ExxonMobil Canada

Thu Aug 8, 2013 8:13am EDT

Aug 8 (Reuters) - ConocoPhillips said it will sell its interest in Alberta's Clyden oil sands leasehold to Imperial Oil Ltd and ExxonMobil Corp's Canadian unit for about $720 million.

The leasehold is located near the southern edge of the Athabasca oil sands and south of Fort McMurray, Alberta and comprises 226,000 net acres of undeveloped land.

ConocoPhillips, the largest independent U.S. exploration and production company, expects to record a related after-tax gain of about $450 million.

Imperial is controlled by Exxon.

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Comments (1)
JMcCullough wrote:
TAR SANDS
The fact is that the burning of tar sands products, all unconventional fossil fuels, and particular tar sands derived fossil fuels must end and it must end immediately. This may hurt many workers and a number of communities if governments don’t help. But it must happen.

Unfortunately for all of us, the science is very clear: Tar Sands, Natural Gas leaks, and Coal will cause climate change to go beyond the control of humans. Worldwide, we have to fully stop using these fossil fuels 2030, with a rapid phase out occurring immediately. Only if the United States leads this effort do we have a chance.

The consequences sound unreal, but they are true: there is now the probability that earth will go the way of Venus. If humans allow oceans to warm to the point where the 50+ million year buildup of methane hydrates currently sitting on ocean floors are released into the atmosphere, our planet will warm too much to support life. Earth will become another Venus.

Between the unprecedented climate forcing by human use of fossil fuels + the release of methane hydrates – climate change will run away. Our surface temperature will go from 15C to 100C, and the oceans will boil away. This is where we are going. If we continue to burn coal and unconventional fossil fuels, this will happen in less than 300 years from now. The humans alive in 2100 will have such a different planet than we live on today as to be unknowable to us. We need to keep most known reserves of fossil fuels in the ground – regardless of what we fear that choice may do to our current immediate lifestyles.

Our government must do more. Obama much do much more on this issue. We must lead and change the world.

This is not science fiction. This is what science and the data tell us. Read about it. Study it. We can’t afford not to understand this. Listen to the leading scientists our world has to offer: Hansen, McKibben, etc.

Please.

Aug 08, 2013 10:16am EDT  --  Report as abuse
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