Entering text into the input field will update the search result below

Cnooc's Nexen to move forward with C$400M Canada oil sands project

Jun. 21, 2018 11:28 AM ETCNOOC Limited (CEO) StockCEOBy: Carl Surran, SA News Editor
  • Cnooc's (CEO -3%) Nexen Energy says it will move ahead with work on a new C$400M (US$300M) expansion of its Long Lake project in Alberta, marking a rare return of foreign direct investment to Canada's oil sands.
  • Nexen says the expansion will add 26K bbl/day to production at Long Lake, with first oil expected in late 2020.
  • The decision shows Cnooc's willingness to invest in the oil sands and thus is a positive sign for the sector, and suggests some companies are starting to proceed with their mothballed projects as U.S. crude oil prices stay well above $60/bbl, says Kevin Birn, VP of North American crude oil markets at IHS Markit.
  • The per-barrel costs of the new project are 50% lower than what Nexen was paying for expansion projects before the 2014 oil price collapse, Birn says.

Recommended For You

More Trending News

Related Stocks

SymbolLast Price% Chg
CEO--
CNOOC Limited