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Petro-Canada to proceed with oil sands projects
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+ e' w. w) S1 u% M+ p* g! g, m. rPublished: Friday, October 26, 2007% A" B3 H* t$ x2 O* y3 U; X a
CALGARY -- Petro-Canada is still planning major oil sands developments in Alberta following announced changes to the province's royalty structure, although it is clear that the moves will mean higher costs, an executive said on Friday.
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, H) R- O$ n( C& F8 ^- X9 TThe company is doing detailed engineering and design work on the Fort Hills oil sands mining development and steam-driven MacKay River expansion, with decisions on funding expected next year.5 O" h5 {$ q s
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"With what we've seen that still is the right path for us to be taking, so we're still going full-speed ahead to get to those decision points," Petro-Canada vice-president Andrew Stephens said.1 R# T6 t3 r; x- w9 T# T) \
! E: y" F: r2 [5 ]8 L8 GThere's no question that the decisions yesterday have had an impact on the economics, but what we're saying is, 'Let's keep working."' |
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