UPDATE: Athabasca Oil Sands Gets Regulatory Nod For Key Alberta Project
Canada's Athabasca Oil Sands Corp (ATH.TO) said it received regulatory approval for its 150,000 barrels per day MacKay River project in Alberta and is on track to start production from 2014, the company said in a statement released this morning. Approval was obtained in just over 24 months, Sveinung Svarte, president and CEO, said.
The MacKay River project, a joint venture with PetroChina, is expected to initially produce 35,000 bbl/d of oil and construction will begin next month, Athabasca Oil Sands said.
Athabasca Oil Sands holds a 40% stake in the project.
The company aims to produce 500,000 to 700,000 bpd of bitumen in 15 to 20 years from the time it starts up in 2014.
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