Ivanhoe Energy Subsidiary Wins in China, Canadian Arctic Partnership Ready: Energy Business Review

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In a Thursday release, Ivanhoe Energy (NASDAQ:IVAN) said that its wholly owned subsidiary, Sunwing Zitong Energy, has won approval from the China’s Ministry of Commerce to transfer its participating interest in the Contract for Exploration, Development and Production in the Zitong Block, Sichuan Basin, to Shell China Exploration and Production Co. (NYSE:RDSA)(NYSE:RDSB).

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Northwest Territories Industry Minister Dave Ramsay said on Thursday that as early as next summer, a partnership of Imperial Oil (AMEX:IMO), BP (NYSE:BP), and ExxonMobil Corporation might file for regulatory approval to restart exploration drilling in the Canadian Beaufort Sea, with oil the main goal. Ramsay also commented that the primary Canadian Arctic players are “anxious to move forward and are looking at the Beaufort as an opportunity” to transport oil to southern Canadian and to United States markets, bolstered by prospects of a major discovery in the Canol shale play of the Central Mackenzie Valley.

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