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RealTimeTraders.com: Royal Dutch Shell Releases Proposal To Expand Athabasca Oil Sands Project

Monday, July 31, 2006; Posted: 02:23 AM 
 
(RTTNews) – Royal Dutch Shell announced that Shell Canada has issued a formal proposal to proceed with Expansion 1 to the other Athabasca Oil Sands Project joint venture owners. The company stated that Shell Canada completed an extensive feasibility study followed by a rigorous cost estimate and assurance review process in support of this formal proposal.

Royal Dutch added that the heated markets for labour, materials and equipment have impacted all facets of this 100 thousand bpd expansion project. Although the capital intensity of the project, estimated at between $275 and $350 per annual flowing barrel, has increased significantly from earlier estimates, Expansion 1 remains viable under a wide range of pricing scenarios.

The company indicated that Shell Canada intends to make a final investment decision for this project in the fourth quarter of 2006 pending regulatory approvals. First bitumen production is expected in late 2009 followed by upgrader production in late 2010.

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