ExxonMobil Canada and Imperial Oil will pay $720 million for 226,000 acres of ConocoPhillips' oil sands property in Canada. The property exists nearly 100 miles to the south of Fort McMurray in Alberta, and entails of ConocoPhillips entire stake in the Clyden oil sands in the Athabasca Region.
The Canadian town of Fort McMurray is booming largely thanks to the nearby oil sands industry. Now the town needs more housing and infrastructure and has nowhere to put it, so its taking back the land it has leased to oil companies.
Oil sands production in Canada has contaminated surrounding lakes with substances linked to cancer, according to a new study. The scientific findings may help the case against building Keystone XL, a pipeline that would connect Canadian oil sands with American refineries.
Trillions of dollars’ worth of oil are present, but the environmental costs are high, too – and growing.