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Asia Pulse: CANADA NEW FRONTIER IN NON-OPEC OIL/GAS DEVELOPMENTS

Published: Oct 30, 2006

DUBAI, Oct 30 Asia Pulse – All of a sudden, Canada has turned into the new frontier in non-OPEC oil and gas developments.

Russia has rumbled about taking over the huge Sakhalin II field whereas OPEC itself cut back production over 1.2 million barrels a day, due to which the demands on non-OPEC producing countries have increased even more.

New emphasis on have been put on friendlier non-OPEC countries due to this step. It has been agreed by Shell Canada and Western Oil Sands that they would invest billions into the planned expansion of its Athabasca oil sands project in order to bring production up to 100,000 barrels per day.

It has been estimated by Shell Canada that the cost would be between CDN$10 billion and CDN$12.8 billion to complete, which has no bearing on Royal Dutch Shell’s plans to go ahead with buying control of Shell Canada.

Bearing in mind the oil sands development held in Shell Canada, Royal Dutch Shell Plc’s recent $7.7 billion bid to buy out the 22% of Shell Canada Ltd. it doesn’t own may have been fueled by insecurity toward Russia’s Sakhalin II field and lower oil prices.

Third-quarter profit more than doubled on increased output from oil deposits in Alberta, said Suncor Energy Inc., the world’s biggest oil-sands producer.

Chief Executive Officer Rick George said that Suncor plans spend at least CDN$3.6 billion to boost oil-sands production to about 350,000 barrels a day by 2008, the year TransCanada’s pipeline is expected to become available to push up to 400,000 barrels per day to refineries in the midwestern United States.

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