• 3 minutes Looming European Gas Crisis in Winter and North African Factor - a must read by Cyril Widdershoven
  • 7 minutes "Biden Targets Another US Pipeline For Shutdown After 'Begging' Saudis For More Oil" - Zero Hedge Monday Nov 8th
  • 12 minutes "UN-Backed Banker Alliance Announces “Green” Plan to Transform the Global Financial System" by Whitney Webb
  • 8 hours Microbes can provide sustainable hydrocarbons for the petrochemical industry
  • 9 hours Hunter Biden Helped China Gain Control of Cobalt Mines in Africa
  • 10 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 3 days Building A $2 Billion Subsea Solar Power Cable From Chile To China
  • 1 day Is anything ever sold at break-even ? There is a 100% markup on lipstick but Kuwait can't break-even.
  • 2 days Modest drop in oil price: SPRs vs US crude inventory build
  • 2 days 2019 - Attack on Saudi Oil Facilities.
  • 2 days Monday 9/13 - "High Natural Gas Prices Today Will Send U.S. Production Soaring Next Year" by Irina Slav
  • 4 days Ukrainian Maidan after 8 years
  • 4 days Peak oil - demand vs production
  • 5 days "How the CO2 shortage is impacting the food and drink sector" - Specialty Food Magazine
  • 5 days NordStream2
  • 5 days "Gold Set To Soar As Inflation Fears Mount" by Alex Kimani
Chevron’s Latest Oil Deal With Iraq Is One To Watch

Chevron’s Latest Oil Deal With Iraq Is One To Watch

Chevron’s DhiQar oil deal with…

The U.S. Shale Patch Is Back In Growth Mode

The U.S. Shale Patch Is Back In Growth Mode

U.S. shale production is set…

The Real Reason Why OPEC+ Won’t Open The Taps

The Real Reason Why OPEC+ Won’t Open The Taps

While the Biden Administration has…

Tsvetana Paraskova

Tsvetana Paraskova

Tsvetana is a writer for Oilprice.com with over a decade of experience writing for news outlets such as iNVEZZ and SeeNews. 

More Info

Premium Content

Alberta Banking On An Oil Sands Boom

Alberta Premier Rachel Notley cut the ribbon that marked the official opening of an oil sands expansion project near Fort McMurray on Wednesday. The new project is expected to produce 20,000 bpd of oil by mid-2018, thanks to a US$1.64 billion (2 billion Canadian dollars) investment.

Japan Petroleum Exploration Co (Japex) and Nexen Energy ULC—a wholly owned subsidiary of China’s CNOOC—started last month the production of ultra-heavy crude oil from the Hangingstone Oil Sands Project.

Japex and Nexen launched production using the Steam-Assisted Gravity Drainage (SAGD) method, at a current bitumen production rate of 1,000 bpd. After wells get switched to full production mode, the companies expect production volume at the Hangingstone project to reach 20,000 bpd by the second half of 2018.

Japex’s subsidiary, Japan Canada Oil Sands Limited (Jacos), holds a 75- percent interest in the project and is its operator, while Nexen owns the other 25-percent stake.

The investment in this project was the largest investment made in Alberta by Jacos in its 40-year history in the province and the largest investment made globally by Jacos’ parent Japex, the province said in a statement.

“Good jobs for Albertans, billions of dollars in new investment and a growing economy – that’s what this expansion project means. I want to thank JACOS for their work here and underscore that it’s never been more important for us to get new pipelines built, which will help diversify our markets and further strengthen our ties with Asia,” Notley said. 

Related: Iraq’s Solution To Lower For Longer Oil Prices

Alberta’s provincial government estimates that economic growth exceeded expectations in the first half of 2017.

“Nearly every sector of the Alberta economy is rebounding, spurring recovery in exports and manufacturing and adding 17,000 jobs since January,” it says in its latest economic outlook. Real GDP is expected to rise by 3.1 percent this year, compared to a 2.6-percent growth forecast in the budget 2017. Lower energy prices still weigh on corporate profits, household income, and government revenues, but drilling activity has been strong in 2017, Alberta’s government says. The number of active rigs in Alberta averaged 126 in August, up 67 percent annually. Year-to-date, the number of active rigs has averaged 127, double the amount from 2016. As a result, Alberta expects conventional oil and gas investment to rise by 40 percent in 2017, but to be partially offset by a larger-than-expected drop in non-conventional investment, which is now seen to decline by 14 percent.  

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:


Download The Free Oilprice App Today

Back to homepage





Leave a comment

Leave a comment




EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News