Markets

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.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Copyright (C) 2016 MTNewswires.com. All rights reserved. Unauthorized reproduction is strictly prohibited.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Other Topics

Commodities

Latest Markets Videos

    MTNewswires

    Founded in 1999, MT Newswires (formerly known as Midnight Trader) is a leading provider of original source, multi-asset class, real-time, global financial news and information to most of the largest banks, brokerage firms and professional market data, trading & research applications in North America.

    Learn More