Calgary-based oil producer may invest up to $7.4-billion to develop oilsands crude | |
Financial Post – Canada; May 19, 2006 | |
North American Oil Sands Corp., a closely held Calgary-based company, may spend as much $7.4-billion by 2015 to develop heavy-crude deposits in northern Alberta. The company plans to initially spend $850-million, senior vice-president Michael Langley said yesterday. Expansions that would push output and refining capacity to 160,000 barrels of oil a day could swell the total cost to $7.4-billion, he said. Such companies as Shell Canada Ltd. and Suncor Energy Inc. are investing billions of dollars to tap Alberta's tar-like sands, estimated by the Canadian Association of Petroleum Producers to contain the most crude outside the Middle East. North American said it may increase output 16-fold between 2008 and 2015. |