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Petro-Canada hawks oil sands stakes



By Upstream staff 

Calgary-based Petro-Canada said it was to sell its interests in five oil sands properties.

The properties include its Chard, Stony Mountain, Liege, Thornbury and Ipiatik interests. The properties are estimated to contain 1.7 billion barrels of bitumen net to Petro-Canada.

"The properties for sale are very attractive oil sands assets, but their development, for us, will be a ways down the road," said Neil Camarta, Petro-Canada's senior vice president for oil sands. "Over the next 10 years or so, we'll be focusing all of our efforts on developing Fort Hills and our in situ properties of MacKay River, Lewis and Meadow Creek."

The company said it retains about 3 billion barrels of bitmumen reserves at its Syncrude and Fort Hills projects, and up to 5 billion barrels in situ at its MacKay River, Lewis and Meadow Creek holdings.

Petro-Canada holds a 20% stake in the giant Syncrude project.


Thursday, 16 November, 2006, 19:02 GMT  | last updated: Thursday, 16 November, 2006, 19:02 GMT

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