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Financial Post (Canada): Calgary-based oil producer may invest up to $7.4-billion to develop oilsands crude

Calgary-based oil producer may invest up to $7.4-billion to develop oilsands crude
Financial Post – Canada; May 19, 2006

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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.

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