Oilsands blast ignored internationally

Thursday'sexplosion at a Canadian Natural Resources Ltd. oilsands site in northern Alberta is a major story across the province and country but does not appear to be resonating much in the foreign press.

Newswires The Associated Press, United Press International and Reuters all published straightforward versions of the story, noting that the blast injured four workers and that the resulting fire was extinguished around 6 p.m. MT on Thursday.

A coker on the site, whichuses heat to convert bitumen into crude oil, exploded at about 3:30 p.m. MT, setting off a major fire that shot flames and smoke hundreds of metres into the air and smouldered for hours. The site is near the Fort McKay First Nation.

The BBC reported on the incident but did not pay it particular attention, noting in an online story that it was unclear when production would resume. It also noted that northern Alberta is home to the second-largest reserves of oil in the world, next to Saudi Arabia.

What impact the story is having outside of Canada is predominantly confined to the business press.

Financial news service Bloomberg focused on the business aspect, noting that early Friday shares in CNRLsuffered the largest drop they had in five months in reaction to news of the blast. CNRL shares were tradingat$40.82 on the TSX mid-afternoon, down $2.13 from a day earlier.

The incident could cost the company $885 million in pre-tax cash flow over the next six months, Canaccord Genuity Corp. analyst Philip Skolnick was quoted as saying.

"It all depends on how much damage there is at the plant," said the analyst, who has a buy rating on CNRL shares. "Freezing temperatures and ice may slow repairs if they used water to extinguish the fire."

The influential London-based newspaper The Financial Times had no mention of the incident. New York's Wall Street Journal also ignored the story.

Surprisingly, crude oil prices were 91 cents US lower on Friday, with the February crude contract trading at $87.47 in New York.