Gates and Buffett Tour Oilsands
Posted Aug 20, 2008 @ 8:06 pm, Viewed by 979 Visitors, Read 1049 Times.Gates, Buffett Visit Oilsands
Warren Buffett & Bill Gates, who are the first & third richest men on the planet, visited the Horizon oil sands project near Fort McMurray on Monday. The pair, worth an estimated $120-billion combined, quietly flew into the Alberta resource town as guests of Canadian Natural Resources (CNQ.TO) and were given a private tour of the massive $9.3-billion CDN project. CAPP, the Canadian Association of Petroleum Producers, was asked to give the two tycoons an overview of the conventional and oil sands industry.
Buffett Considers Additional Oilsands Investment?
Buffett has invested in large oil sands holdings with ConocoPhillips which is a joint venture partner with Encana, Canada's largest upstream oil & gas explorer. There have been suggestions that Buffett and his company, Berkshire Hathaway, are looking to make sizable investments in the Canadian oil & gas industry, and the billionaire pair's visit did nothing to diminish that rumour. Al Markin and Murray Edwards, CNQ's chairman & vice-chairman, hosted Buffett & Gates.
Oil Sands Production
While present oil sands production stands at just over 1-million barrels per day, CAPP predicts the production will rise to just under 5-million barrels per day by the year 2020.
Jim Sparrow sells Calgary Real Estate with Keller Williams Platinum Realty & specializes in South Calgary estate and luxury homes. Visit our website at Calgary Luxury Real Estate or contact me directly at 403.703.2404
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My bet would be that he & Bill pour their $$'s into CNQ (Canadian Natural Resources). Probably worth watching / following / buying 
I was going to say the same thing. Is their dollar worth more than ours again? (Goes to check)
Morgan - Indeed, the US dollar is once again worth slightly more than the Canadian dollar (despite being up $0.01 today, the CDN $ is trading at $0.9588 US). The strengthening US greenback is one of the reasons Warren Buffett is so interested in the Alberta oil sands. Buffett has also said he favours investing in the oil sands because it offers a "secure supply of oil" for the USA.
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Jim Sparrow is a consistent top-producing Calgary REALTORŪ with Keller Williams Platinum Realty specializing in South Calgary estate and luxury homes.Visit our website at Calgary Real Estate or contact me directly at 403.703.2404
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Will be interesting to see what Buffett does!