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Petro-Canada (colloquially known as Petro-Can) is a retail and wholesale marketing brand subsidiary of Suncor Energy. Until 1991, it was a federal Crown corporation (a state-owned enterprise ). In August 2009, Petro-Canada merged with Suncor Energy, with Suncor shareholders receiving approximately 60 percent ownership of the combined company ...
The following year, Petro-Canada drilled the F-99 delineation well at Panuke. That well tested oil at 8,000 m³ (69,188 barrels) a day for six days. While the Cohasset and Panuke discoveries were marginal by themselves, in the mid-1980s a consulting firm hired by Crown corporation Nova Scotia Resources Limited (NSRL) investigated the idea of ...
Canada also boasted the world's first oil pipeline when, in 1862, a line connected the Petrolia oilfield to Sarnia, Ontario. In 1895, natural gas began flowing to the United States from Ontario's Essex field through a 20-centimetre pipeline laid under the Detroit River. In Western Canada, Eugene Coste built the first important pipeline in 1912.
Suncor Energy completed merger with Canada's 11th largest company Petro Canada on August 1, 2009 in a 21 billion dollar deal to form the largest oil and second largest company overall in Canada. [66] [67] At the time of the merger it had a market capitalization of $43 billion and held the biggest position in Alberta's oil sands. [68]
While Petro Canada was once owned by the Canadian government, it is now owned by Suncor Energy, which continues to use the Petro Canada label for marketing purposes. In 2007 Canada's three biggest oil companies brought in record profits of $11.75 billion, up 10 percent from $10.72 billion in 2006.
On March 23, 2009, Suncor announced its intent to acquire Petro-Canada. [11] [12] This merger created a company with a combined market capitalization of C$43.3 billion. On June 4, 2009, a 98% approval rate was reached by Suncor's shareholders for the acquisition of Petro-Canada and the Competition Bureau approved the merger on June 21, 2009.
Canada's oil measure, the cubic metre, is unique in the world. It is metric in the sense that it uses metres, but it is based on volume so that Canadian units can be easily converted into barrels. In the rest of the metric world, the standard for measuring oil is the tonne .
Offshore Dream: A History of Nova Scotia's Oil and Gas Industry (2010) Peter McKenzie-Brown, Bitumen: the people, performance and passions behind Alberta's oil sands, CreateSpace ISBN 9781546452300; Peter McKenzie-Brown; Gordon Jaremko; David Finch (15 November 1993). The great oil age: the petroleum industry in Canada. Detselig Enterprise.