Chevron plans second oil sands project
Chevron Corp. is doubling down its bet on Alberta's oil sands, saying it aims to spend billions over the next decade to launch a second project.
The company said Thursday it has acquired rights to 73,000 hectares northwest of Fort McMurray — land that Chevron believes holds 7.5 billion barrels of oil.
The initial cost for Chevron is modest, between $50-million and $70-million to acquire two sections of leases. But turning that frozen muskeg into an industrial project will take years, and billions of dollars, said James Bates, vice-president of operations and asset development at Chevron Canada Ltd.
( Full story here )
The company said Thursday it has acquired rights to 73,000 hectares northwest of Fort McMurray — land that Chevron believes holds 7.5 billion barrels of oil.
The initial cost for Chevron is modest, between $50-million and $70-million to acquire two sections of leases. But turning that frozen muskeg into an industrial project will take years, and billions of dollars, said James Bates, vice-president of operations and asset development at Chevron Canada Ltd.
( Full story here )
posted by Oil Shock at 3/02/2006 10:37:00 PM
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