Alberta raised about $53 million for oil sands rights
In a public offering on Wednesday, the western Canadian province raised about $53 million for oil sands rights, the most earned in a single sale since December 2011, according to government data compiled by Bloomberg. The sale also included the largest single transaction in a decade: a company named Whispering Hills Resources Ltd. paid $14.2 million for a parcel of land in the Peace River oil sands area.
The Canadian oil sands, shunned by some international companies and investors for the region’s high carbon-emitting operations, has seen its fortunes improve as buyers look to replace Russian crude. Brent futures surged to nearly US$140 a barrel earlier in the week as the U.S. and U.K. said they would ban imports of Russian crude and many oil buyers shun Russian barrels for fear of falling foul of sanctions imposed on the country.
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