Royal Dutch Shell Plc  .com Rotating Header Image (Canada): Oilsands cash gets thumbs-up from Shell boss

UPDATED: 2007-02-26 15:22:22 MST

Alberta’s three-year plan to spend almost $400 million to build up the booming oilsands region drew praise today from the president and CEO of petroleum giant Shell Canada.

During a stop at the University of Calgary, Clive Mather said new infrastructure in rapidly-growing Fort McMurray is critical to develop a resource which could potentially be the world’s biggest reserve of oil.

“The eyes of the world are upon us and we have to do it right,” he said.

“If you look forward over the next 10, 20, 30 years, what we’re going to see is one of the biggest projects in the whole world — we are literally going to see tens of thousands of construction workers, and on the back of that, a lot of long-term jobs.”

The province will spend $45 million for land to build 300 affordable housing units in Fort McMurray, while roughly $200 million is earmarked for three new clinics to relieve a backlog of patients.

About $100 billion worth of oilsands projects are in the works in northern Alberta.

Mathers added Shell has invested heavily in the oilsands, and projected the company’s eventual output from the region at 770,000 barrels per day.

– with files from CP
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