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Oil sands pipeline projects placed in doubt following recent Nexen spill

Jul. 28, 2015 1:12 PM ETCNOOC Limited (CEO) StockCEO, COSWF, SU, IMO, CNQ, ENB, TECK, TRP, HUSKF, CVEBy: Carl Surran, SA News Editor26 Comments
  • Canada oil sands pipeline projects look doomed after the recent Nexen oil spill leaves "two big football fields of black goo," according to a Bloomberg analysis.
  • A rupture in a line operated by the Cnooc (NYSE:CEO) unit that spewed 31K barrels of bitumen, waste water and sand has ignited outrage from communities along pipeline routes and is strengthening opposition that already has stalled every major crude export project from Canada and may lead to stricter regulations, the report says.
  • The Alberta Energy Regulator could consider new requirements including scheduled and random inspections of pipelines during construction and while in operation, as well as better spill detection technology; meanwhile, the spill gets bad press in Canadian newspapers every day.
  • Related tickers: TRP, ENB, SU, IMO, CNQ, CVE, TCK, OTCPK:HUSKF, OTCQX:COSWF

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