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UpstreamOnline: Shell sets oil sands steam target

By Upstream staff

Shell Canada aims to produce 50,000 barrels of tar-like bitumen a day from its steam-driven oil sands operations over the next two years, helped by its C$2.4 billion ($2.1 billion) takeover of BlackRock Ventures, it said today.

Following the buy up, Shell Canada estimates its “in situ” oil sands reserves at 25 billion barrels. In situ oil sands are produced in wells with the aid of steam, instead of being mined.

The long-term potential production from those assets is 150,000 barrels a day, Shell Canada said, Reuters reported.

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