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AFX Europe (Focus): Chevron Canada to Participate in Athabasca Oil Sands Project expansion

Oct 27, 2006

SAN RAMON, California (AFX) – Chevron Canada Ltd, a subsidiary of Chevron Corp, has elected to participate in the first phase of expansion of the Athabasca Oil Sands Project (AOSP) in Alberta.

This is a 100,000 barrels per day (bpd) — Chevron’s share is 20,000 bpd — expansion of oil sands mining and upgrading facilities and it is subject to final regulatory approvals.

AOSP consists of the Muskeg River Mine and the Scotford Upgrader located near Edmonton. The Corridor Pipeline links both facilities. Chevron owns 20 pct of the project. Shell Canada Ltd is operator and owns a 60 pct share and Western Oil Sands L.P. owns 20 pct.

The total capital cost estimate for this expansion is 10 bln usd, with Chevron’s share at 2 bln usd. It is envisioned that this expansion will increase design capacity to more than 255,000 bpd in 2010.

AOSP is a surface mining operation currently producing about 155,000 barrels of bitumen per day. It began operations in April 2003.

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