p. 102-103. [29] While the Conservative Party of Canada's National Policy had stopped Standard Oil from fully entering the Canadian market, the economic policy came under attack by Standard Oil lobbyists and Canadian consumers, who wanted a cheaper and higher quality product. Citgo Petroleum Corporation (or Citgo, stylized as CITGO) is a United States-based refiner, transporter and marketer of transportation fuels, lubricants, petrochemicals and other industrial products. Oil exploration in Puntland, an autonomous region in northeastern Somalia which is a federal state, began in the mid-2000s as a series of negotiations between the provincial administration and foreign oil companies. [21] Frasch then joined John Minhinnick in forming a separate venture called the Empire Oil Company. [30]This process added roughly five cents in shipping and handling charges to each gallon of imported oil. [2] It is Canada's second-biggest integrated oil company. History. [20] The high sulphur content in Canadian oil placed it at a disadvantage compared to the oil mined at Pennsylvania due to its "distinctive odour" when burned. Oil exploration in Puntland, an autonomous region in northeastern Somalia which is a federal state, began in the mid-2000s as a series of negotiations between the provincial administration and foreign oil companies. [6], In 2012, the Puntland government gave the green light to the first official oil exploration project in Puntland and Somalia at large. Hill, Alan. About Tourmaline Oil Corp Tourmaline Oil Corp. is an intermediate crude oil and natural gas exploration and production company. [30] More importantly, Laurier removed restrictions on tank cars and tank steamers, allowing foreign companies to bulk ship oil into Canada by rail or sea. By 2012, exploratory wells established in the area yielded the first signs of crude oil Under the terms of the both royalty-based and profit sharing agreement, Canmex would commit to two three-year periods of comprehensive oil exploration in the Nugaal and Dharoor Valley blocks. [32], In a landmark 1911 anti-trust case, the U.S. Supreme Court ordered Standard Oil to break up into 34 separate companies. Tourmaline Oil Corp - based in Calgary; Peyto Exploration & Development - based in Calgary; References Last edited on 29 April 2020, at 19:05. [3] On account of the uncertain security situation in this part of the Nugaal block, Range Resources have as of 2011 given priority to drilling in the Dharoor Valley. [27] [28] Although Imperial dominated the Western Canadian market, the company could not establish a strong foothold in the Maritimes or Quebec as Standard supplied these regions through long term contacts with local companies. [6] Imperial owns 25 percent of Syncrude, which is one of the world’s largest oil sands operations. Imperial Oil has 1,700 service stations. [4], In the 2000s, the Puntland government began official negotiations with foreign oil companies over exploration rights in the area. Content is available under CC BY-SA 3.0 unless otherwise noted. [24] In 1886, Standard Oil persuaded Frasch to return to the United States and join their company by offering "a salary higher than that of any other scientist in the country," and an exchange of his shares in the Empire Oil Company for an equivalent amount in Standard Oil. [7][8] Led by the Canadian oil company Africa Oil (the former Canmex Minerals[3]) and its partner Range Resources, initial drilling in the Shabeel-1 well on Puntland's Dharoor Block in March of the year successfully yielded oil. Two years later, Range Resources obtained a 100% interest in the two blocks and concurrently farmed out 80% of that share to Canmex Minerals. [1], The Puntland region in northeastern Somalia, in particular, came to be regarded as the geological analogue of Yemen since both areas once formed a single landmass around 18 million years ago, before the Gulf of Aden rifted and separated the Horn of Africa from the Arabian Peninsula. "[22] Between 1885 and 1887, Frasch discovered that mixing copper oxide with the oil during the distilling process would remove the suplhur content and odour from the refined product. Ovintiv Inc. (former name: Encana Corporation) is a hydrocarbon exploration and production company organized in Delaware and headquartered in Denver, United States.Initially, it was founded and headquartered in Calgary, Canada.. It was based in Toronto, Ontario, until 2005. [20] The pair purchased an idle refinery in London, and Frasch began experimenting on a way to remove the sulphur content in the oil pumped at Lambton County. [7], Imperial Oil is headquartered in Calgary, Alberta. Calgary's Glenbow Museum holds a large collection of Imperial Oil's film inventory. [10], In April 1880, Jacob Lewis Englehart and sixteen prominent oil refiners in London and Petrolia formed Imperial Oil in response to Standard Oil's growing dominance of the oil market. Gross income would be allocated toward royalty payments, production costs and net profits. [14] In addition to Englehart, the original shareholders included Frederick A. Fitzgerald, Isaac and Herman Waterman, William Spencer and his sons, William and Charles, Thomas and Edward Hodgins, John Geary, Joseph Fallows, John Minhinnick, William English and John Walker. However, in 2007, troops from the separatist Somaliland region in northwestern Somalia were sent to the area and have since militarily occupied the valley's western section despite resistance from local residents. [24][26], In spite of rising revenue and growth in the 1890s, Imperial Oil faced continuing challenges in its markets, most notability from Standard Oil, which operated a series of subsidiary companies across Canada. The onshore Nugaal and Dharoor Valley blocks in question span over 14,424 km2 and 24,908 km2, respectively. [35], In 1989, Imperial Oil acquired Texaco's Canadian operations. A 20-year period of exploitation would come into effect in the event of commercial oil yields, with an option to extend the duration an additional 5 years. Current operations. [22] Canadians called the product "skunk oil. [3], Besides Brad Corson, other members of the board of directors of Imperial Oil are Krystyna Hoeg, Jack Mintz, David Sutherland, Dave Brownell, David Cornhill and Miranda Hubbs. [30][31] In 1893, Ottawa reduced import duties on refined oil products from 7.2 cents to 6 cents per wine gallon, and in 1896, Wilfrid Laurier's government reduced the tariff again to 5 cents. As part of the sale agreement, these stations also continue to participate in PC Optimum. [5], In January 2007, the Puntland administration, which was then led by President Mohamud Muse Hersi, signed the Puntland Product Sharing Agreement (PSA) with Range Resources Limited and the Canmex Minerals subsidiary Canmex Holdings (Bermuda) II Limited.[2]. [2] Imperial is also in a joint venture oil sands mining operation with ExxonMobil Corp., called Kearl Oil Sands. ExxonMobil has a 69.6 percent ownership stake in the company. [citation needed]The company has concessions with the Waha Oil Company in Libya. CS1 maint: multiple names: authors list (, Learn how and when to remove this template message, "Brad Corson assumes the role of chairman, president and CEO of Imperial Oil Limited", "Ewart: Imperial Oil Faces Urban-Suburban Challenge", "Before Leduc and Some Musings on the Meaning of History", "Saturday Night Hockey / Hockey Night in Canada", "Hockey Night in Canada - The Television Years", "Imperial Oil sells Esso gas stations for $2.8-billion", "Esso moves on from Aeroplan, switches loyalty program to PC Optimum", "Loblaw sells chain of 213 gas stations to Brookfield for $540M", Accusations of ExxonMobil human rights violations in Indonesia, Exxon Corp. v Exxon Insurance Consultants International Ltd. People of the State of New York v. Exxon Mobil Corp. International Association of Oil & Gas Producers, https://en.wikipedia.org/w/index.php?title=Imperial_Oil&oldid=979740156, Companies listed on the Toronto Stock Exchange, Canadian subsidiaries of foreign companies, Articles needing additional references from February 2009, All articles needing additional references, Articles with self-published sources from July 2020, Official website different in Wikidata and Wikipedia, Creative Commons Attribution-ShareAlike License, This page was last edited on 22 September 2020, at 14:25. Valvoline Inc. is an American manufacturer and distributor of Valvoline-brand automotive oil, additives, and lubricants.It also owns the Valvoline Instant Oil Change and Valvoline Express Care chains of car repair centers. Ownership of Imperial Oil, as well Standard Oil's other subsidaries outside the U.S., were all transferred to only one of those 34 successor firms, Jersey Standard (later renamed Exxon). Imperial Oil Limited (French: Compagnie Pétrolière Impériale Ltée) is a Canadian petroleum company. [18] The discovery of new oil fields in Pennsylvania and New York drove down the price of oil, and the creation of the Standard Oil Trust resulted in an increase of American oil imports into Canada. Quantitative Fair Value Estimate represents Morningstar’s estimate of the per share dollar amount that a company’s equity is worth today. The Richfield Oil Corporation was founded in 1905 and opened its first automotive service station in Los Angeles in 1917. Only risk what you can afford to lose. [20] Frasch had taken the position primarily to supervise the installation of his refining method at the Silver Star refinery and resigned in February 1885 once the work was complete. The information on this Website is not reliable and not intended to provide tax, legal, or investment advice. After quick expansion, Richfield Oil Corp fell to the Great Depression and went into receivership in 1931.. Cities Service Company (now known as Citgo) offered one share of stock for every four Richfield's and acquired a majority of the stock. [16] Fitzgerald and Englehart were the two largest stakeholders in the company and were named the president and vice president respectfully. p. 104. [13], Despite a smooth start, Imperial Oil struggled to make a profit and issue dividends in the early 1880s. In the same era, the company was also involved in film production, frequently providing funding support for the production of independent documentary films. As of December 31, 2015, the company had 2.163 billion barrels of oil equivalent (1.323 × 10 10 GJ) of estimated proven reserves, of which 44% was in the United States, 32% was in Canada, 12% was in Equatorial Guinea, and 11% was in other countries in Africa, primarily Libya. With ExxonMobil having majority ownership, Imperial Oil uses its parent company's brands, including the Esso and Mobil names for service stations, On the Run for convenience stores, and the Speedpass electronic payment system. Exxon Mobil Corp. has a 69.6 percent ownership stake in the company. [7], "Oil and Gas Exploration and Production - Playing a Better Hand", https://www.hiiraan.com/op4/2014/sept/56266/somalia_s_petroleum_sector_opportunities_and_challenges.aspx, "Leveraged to a Busy Drilling Program Through 2011", "You're not sacked, you've been realigned", Red Emperor, Range rally on Puntland drilling update, Somalia: President Farole returns to Puntland, https://en.wikipedia.org/w/index.php?title=Oil_exploration_in_Puntland&oldid=958689105, Creative Commons Attribution-ShareAlike License, This page was last edited on 25 May 2020, at 06:10.