Alberta’s oil sands production is expected to increase to 3 million barrels a day in 2018. This prospect continues to attract significant investment in oil sands resources. For example, the US$2.28 billion partnership between Statoil of Norway and Bangkok-based PTT Exploration and Production in November 2010 introduced Thailand as the latest foreign player on the oil sands scene. Cenovus Energy has also been seeking suitors for a new oil sands joint venture.
Oil sands investors and prospective investors should be aware of the following issues.
Lower Athabasca Regional Plan
On 5 April this year the Alberta government unveiled its Lower Athabasca Regional Plan (LARP). The LARP has attracted the attention of oil sands operators because the Athabasca oil sands deposits contain about 80% of Alberta’s bitumen reserves.
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Don Greenfield is a partner and Chelsea Nickles is an associate at Bennett Jones. Bennett Jones is a leading Canadian law firm with over 400 lawyers in offices throughout Canada and in the UAE.
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