Shifting sands
High oil prices and a lack of accessibility to reserves are reawakening oil majors' interest in Canada's oil sands. David Watkins looks at their potential and at the challenges involved in this capital-intensive mining operation
The recent US$15-billion oil sands deal between ConocoPhillips and EnCana has reinvigorated the debate over the viability of such projects in Canada's Athabasca region.
Under the deal, bitumen extracted from EnCana's existing operations in Alberta will be shipped to the US for refining. EnCana is to contribute US$7.5 billion to the refining venture, while ConocoPhillips will invest US$7.5 billion in the oil sands business over the next decade. The aim is to increase heavy-oil processing capacity
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