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PetroChina controls Canadian oil sand project

By Yu Hongyan (Chinadaily.com.cn)

14:39, January 04, 2012

Canada's Athabasca Oil Sands Corp said it has sold the remaining 40 percent of interest in the MacKay River oil sands project to a subsidiary of PetroChina, a move that will render a Chinese company full ownership of such a project for the first time.

The deal with PetroChina International Investment Limited was worth C$680 million ($666 million), Athabasca said in its press release.

Canadian regulators previously approved PetroChina to buy 60 percent of the project for C$1.9 billion in November 2011, according to Xinhuanet.

The MacKay River project is located in northern Alberta of Canada, a region that contains 85 percent of the world's oil sand.

The first phase of the project will begin in 2014, with a daily output of 35,000 barrels of oil. Its max daily production is expected to be 150,000 barrels, according to Xinhuanet.

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DJ at 2012-01-06198.166.46.*
If PetroChina can quickly implement its development plan to extract oil there using SAGD thermal recovery process, first steam can be as early as Jun, 2013 Larrisina Project"s first hand experience in SAGD is 13 months to have first steam from a full set of FEED P&IDs to detailed design, mechanical completion and full start up of the central processing facilities. Husky has been able to achieve a low capital cost of $15k per flowing barrel of oil as compared to industry"s $35k. I am sure PetroChina can do a much better job in terms of cost and schedule banking on China"s manufacturing and fabrication capabilities as a back up.
  

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