• 1 hour South Iraq Oil Exports Close To Record High To Offset Kirkuk Drop
  • 4 hours Iraqi Forces Find Mass Graves In Oil Wells Near Kirkuk
  • 5 hours Chevron Joint Venture Signs $1.7B Oil, Gas Deal In Nigeria
  • 6 hours Iraq Steps In To Offset Falling Venezuela Oil Production
  • 8 hours ConocoPhillips Sets Price Ceiling For New Projects
  • 3 days Shell Oil Trading Head Steps Down After 29 Years
  • 3 days Higher Oil Prices Reduce North American Oil Bankruptcies
  • 3 days Statoil To Boost Exploration Drilling Offshore Norway In 2018
  • 3 days $1.6 Billion Canadian-US Hydropower Project Approved
  • 3 days Venezuela Officially In Default
  • 3 days Iran Prepares To Export LNG To Boost Trade Relations
  • 3 days Keystone Pipeline Leaks 5,000 Barrels Into Farmland
  • 4 days Saudi Oil Minister: Markets Will Not Rebalance By March
  • 4 days Obscure Dutch Firm Wins Venezuelan Oil Block As Debt Tensions Mount
  • 4 days Rosneft Announces Completion Of World’s Longest Well
  • 4 days Ecuador Won’t Ask Exemption From OPEC Oil Production Cuts
  • 4 days Norway’s $1 Trillion Wealth Fund Proposes To Ditch Oil Stocks
  • 4 days Ecuador Seeks To Clear Schlumberger Debt By End-November
  • 4 days Santos Admits It Rejected $7.2B Takeover Bid
  • 5 days U.S. Senate Panel Votes To Open Alaskan Refuge To Drilling
  • 5 days Africa’s Richest Woman Fired From Sonangol
  • 5 days Oil And Gas M&A Deal Appetite Highest Since 2013
  • 5 days Russian Hackers Target British Energy Industry
  • 5 days Venezuela Signs $3.15B Debt Restructuring Deal With Russia
  • 5 days DOJ: Protestors Interfering With Pipeline Construction Will Be Prosecuted
  • 5 days Lower Oil Prices Benefit European Refiners
  • 5 days World’s Biggest Private Equity Firm Raises $1 Billion To Invest In Oil
  • 6 days Oil Prices Tank After API Reports Strong Build In Crude Inventories
  • 6 days Iraq Oil Revenue Not Enough For Sustainable Development
  • 6 days Sudan In Talks With Foreign Oil Firms To Boost Crude Production
  • 6 days Shell: Four Oil Platforms Shut In Gulf Of Mexico After Fire
  • 6 days OPEC To Recruit New Members To Fight Market Imbalance
  • 6 days Green Groups Want Norway’s Arctic Oil Drilling Licenses Canceled
  • 7 days Venezuelan Oil Output Drops To Lowest In 28 Years
  • 7 days Shale Production Rises By 80,000 BPD In Latest EIA Forecasts
  • 7 days GE Considers Selling Baker Hughes Assets
  • 7 days Eni To Address Barents Sea Regulatory Breaches By Dec 11
  • 7 days Saudi Aramco To Invest $300 Billion In Upstream Projects
  • 7 days Aramco To List Shares In Hong Kong ‘For Sure’
  • 7 days BP CEO Sees Venezuela As Oil’s Wildcard
MINING.com

MINING.com

MINING.com is a web-based global mining publication focusing on news and commentary about mining and mineral exploration. The site is a one-stop-shop for mining industry…

More Info

Japex To Postpone $185M Oil Sands Project In Alberta

Oil pipeline

Japan Petroleum Exploration (Japex) said Tuesday it will postpone launching its Hangingstone oil sands expansion project in Alberta, Canada, until mid-2017, which will result in a cost increase for the venture estimated in Cdn$250 million ($187M).

The oil and gas developer’s subsidiary, Japan Canada OilSands Limited (Jacos), said the part of the concession known as the 3.75 section will remain closed.

Investment in the expansion project is expected to increase to Cdn$1.5 billion from Cdn$1.25 billion.

The Hangingstone thermal oil sands operation, one of Canada's oldest, was shut down during the wildfires in Fort McMurray and the company said it will remain dormant until benchmark oil prices rise above $50 per barrel.

The firm will however continue developing the untouched area that is part of the Hangingstone Lease, adjacent to the demonstration area, currently shut.

It also noted that Jacos’ investment in the expansion project is expected to increase to Cdn$1.5 billion from Cdn$1.25 billion.

Hangingstone, in operations since 1999, was built with capacity of 10,000 barrels per day to test the use of steam to produce bitumen from wells but had been producing only about half of that in recent years.

Jacos aims to produce 20,000 barrels per day of bitumen from its $1.8-billion Hangingstone expansion project, originally slated to be completed by the end of this year. At full capacity, Canada's oil sands industry generates about 2.5 million bpd.

Japex holds a 75% stake in the venture, and Nexen — the Canadian subsidiary of China's CNOOC Ltd — owns the rest.

By Mining.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage

Leave a comment
  • Waseem on November 08 2016 said:
    Another blow for Alberta economy

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News