Japex to Boost Output at Oil Sands Project With Nexen (2))
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Japan Petroleum Exploration Co., the nation’s second-biggest oil explorer, plans to more than quadruple output at its Canadian oil sands project to meet U.S. demand for the fuel.
Capacity at Hangingstone, in northeastern Alberta, will increase to 30,000 barrels of heavy crude oil, known as bitumen, a day from about 6,000 to 7,000 barrels, the Tokyo-based company said today in a statement. The expanded area will be developed in two stages, cost C$1.4 billion ($1.4 billion) and begin production in 2016, the company said.