Rare foreign investment in the oilsands as Nexen proceeds with $400M expansion

by Geoffrey Morgan (feat. Kevin Birn)

Financial Post
June 20, 2018

CALGARY – Nexen Energy will begin work on a new $400-million expansion of its Long Lake project, in a rare return of foreign direct investment to the oilsands.

Nexen, the Calgary-based subsidiary of China’s state-owned oil company CNOOC Ltd., announced Tuesday it had decided to proceed with a project to add 26,000 barrels of oil production per day to its Long Lake oilsands development.

“This decision further affirms CNOOC Ltd.’s long-term confidence in the Alberta energy sector and helps achieve the Alberta government’s climate objectives,” the company said in a release, noting that the new project would reduce Long Lake’s overall emissions intensity.

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