PetroChina enters oil sands joint venture

By OGJ editors
HOUSTON, Sept. 2
-- Athabasca Oil Sands Corp. (AOSC) has entered a series of joint venture agreements with PetroChina International Investment Co. Ltd.

PIIC agreed to pay $1.9 billion (Can.) to acquire 60% working interest in AOSC's MacKay River and Dover oil sands projects in northeastern Alberta. The agreements provide certain financing arrangements for AOSC.

As JV partners, AOSC and PIIC plan to use in situ methods to develop the oil sands projects.

AOSC filed applications for approval of two pilot projects within the project areas with Alberta's Energy Resources Conservation Board and intends to file a regulatory application for the first 35,000 b/d phase of the MacKay River commercial project at yearend.

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