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Sunday, March 05, 2006

More money for Oilsands


As a major benefactor of oilsands devleopment this can only mean good news for the Edmonton real estate market and the Edmonton areas economy. If you check through our blog you'll notice other stories relating to oilsands development and investment. This story comes from the NEI Nuclear notes blog.

Chevron Corp. is doubling down its bet on Alberta's oil sands, saying it aims to spend billions over the next decade to launch a second project.

The company said Thursday it has acquired rights to 73,000 hectares northwest of Fort McMurray — land that Chevron believes holds 7.5 billion barrels of oil.

The initial cost for Chevron is modest, between $50-million and $70-million to acquire two sections of leases. But turning that frozen muskeg into an industrial project will take years, and billions of dollars, said James Bates, vice-president of operations and asset development at Chevron Canada Ltd.

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