by Staff Writers
Ottawa (AFP) Dec 8, 2011
Canada on Thursday approved a new oil sands mining project in Alberta province proposed by Total and Suncor, the natural resources minister announced.
The Joslyn North mine project signifies "a major new investment" in the oil sands," Natural Resources Minister Joe Oliver said in a statement.
The project will cost as much as CAN$9 billion, and generate more than CAN$10 billion in royalties for Ottawa and the Alberta government over the next 40 years, he said.
France's Total partnered last year with Canadian firm Suncor to develop the 221 square kilometer site northwest of Fort McMurray.
It is expected produce 874 million barrels of oil (100,000-200,000 barrels per day), starting from 2017, one year after Suncor and Total begin mining at nearby Fort Hills.
Minister Oliver said oil sands jobs are expected to climb from 390,000 to 480,000 within 25 years, thanks to new projects soon to be underway, and "could grow even more once supporting distribution networks and pipelines are built."
Two new pipelines connecting the oil sands to the US Gulf Coast and to Canada's Pacific Coast for eventual shipping to Asia are currently under review. Both face opposition by environmental activists.
The Joslyn North project was proposed six years ago.
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Oil industry says crude far from depleted
Doha (AFP) Dec 8, 2011
The world will one day run out of oil, but that is of little concern to delegates at the World Petroleum Congress in Doha whose eyes are fixed on more crude discoveries and advances to prolong supplies. "To tell someone that he's going to die is not a prediction, it's a tautology. What he wants to know is when and how," Nasser al-Jaidah, chief executive of Qatar Petroleum International, said ... read more
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