Rare foreign investment in the oilsands as Nexen proceeds with $400M expansion
by Geoffrey Morgan (feat. Kevin Birn)
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.