Week in Oil & Gas: Foreign Oil Sands Grab and Climate Shenanigans

Korea National Oil Corp.’s $3.9 billion acquisition of Harvest Energy sent a message last week to the industry: the Canadian oil sands are back.

High operating costs and low crude prices turned the region into an investment desert for months. That dim view is brightening, however, as foreign oil companies — encouraged by crude prices above $75 a barrel and falling costs — are starting to buy up oil sands assets.

And companies are willing to throw more than a few bucks at these deals. Case in point? KNOC’s bid represents a 37 percent premium over Harvest’s closing share price last week on the Toronto Stock Exchange.

Even Tony Hayward, CEO of BP – one energy company that has dragged its feet on investing in oil sands – said in a speech last week, he believes the “sands” will be developed.

The oil sands was not the only hot acquisition spot of the week. Ghana’s offshore oil assets keep getting more attention as well. BP became another ”interested party” and may join the bidding war for Kosmos Energy’s stake in the Jubilee field, home of one of the largest West African oil discoveries in more than decade.

Climate change activists kept politicians and other inside the beltway folks running in circles last week. In a lead up to the International Day of Climate Action, environmental and corporate ethics activist group, the Yes Men, descended on Washington D.C. and managed to play a few pranks during their stay.

The U.S. Chamber of Commerce — and a few media venues — became the butt of one of the pranks, when Yes Men leader Andy Bichlbaum held a fake press conference touting the business lobbying group’s new stance on climate change legislation.

The climate prank was viewed as a silly distraction by some. But the Yes Men did manage to get plenty of media attention for the effort, which was aimed at highlighting the chamber’s opposition to a climate change bill.

Expect more hoaxes, pranks and protests in the weeks to come as, Congress debates a climate change bill and the world’s leaders head to Copenhagen in hopes of hashing out a global treaty aimed at reducing greenhouse gas emissions.

BNET Energy coverage from the week:

• BP’s Interest in Kosmos Raises Stakes for Ghana Oil Assets
• Solar Won’t Revive the Auto Industry Anytime Soon
• Can AQT Take a Thin-Film Solar Shortcut?
• Another Climate Prank: Sen. Arlen Specter Chased by Yes Men in Survivaball Suits
• Sue Big Oil Over Global Warming? Court Tells Katrina Victims, Yes You Can!
• India Ponders Changing Its Climate Rhetoric
• Climate Hoax Burns U.S. Chamber, Lobby Group Turns to Law Enforcement