On Friday, a major developer of natural resources Japan Petroleum Exploration Co. (JAPEX) announced its plans to invest US$ 1.4 billion in a western Canadian oil sands project.
On initial basis, in 2016, JAPEX plans to expand capacity in the Hangingstone area of Alberta Province to 20,000 barrels per day (bpd) of bitumen (ultra heavy crude oil extracted from oil sands) from the project\'s existing 6,000 to 7, 000 bpd of bitumenat output.
There are plans for raising daily output to 30,000 barrels, with production likely to suffice for nearly 30 years.
A joint venture, the Hangingstone project is 75% owned by JAPEX (as the operator), and balance owned by Nexen Inc.
Concluding of the front end engineering design along with securing approval from the Alberta provincial government is expected in November.
The partners will start full-scale development work aiming at production start-up in the first half of 2016.
On initial basis, in 2016, JAPEX plans to expand capacity in the Hangingstone area of Alberta Province to 20,000 barrels per day (bpd) of bitumen (ultra heavy crude oil extracted from oil sands) from the project\'s existing 6,000 to 7, 000 bpd of bitumenat output.
There are plans for raising daily output to 30,000 barrels, with production likely to suffice for nearly 30 years.
A joint venture, the Hangingstone project is 75% owned by JAPEX (as the operator), and balance owned by Nexen Inc.
Concluding of the front end engineering design along with securing approval from the Alberta provincial government is expected in November.
The partners will start full-scale development work aiming at production start-up in the first half of 2016.