VOL. XLV

No 2

14 January 2002

SUPPLY/DEMAND

Petro-Canada To Invest Up To $3.8Bn In 10-Year OilSands Project

Oil sands production in Canada is to increase from the current rate of600,000 b/d to 1.9mn b/d within a decade, with projects on the drawing boardworth around C$15bn ($9.4bn). Petro-Canada announcedon 5 December that it is to invest C$5-6bn (US$3.2-3.8bn) over the next 10years in an oil sands development project in Alberta. Phase 1 will involve production of 85,000 b/d ofbitumen (8ｰ API)...