CALGARY – Syncrude Canada Ltd. has announced plans to extend the life of its Mildred Lake oilsands mine in northern Alberta by about a decade.
Canadian Oil Sands Ltd. (TSX:COS), which owns the biggest slice of the massive mine, says the MLX project will make use of existing equipment and environmental infrastructure at the site.
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The Syncrude partners are currently working out the scope of the project.
Assuming it receives regulatory approval, construction and spending would begin in the next 10 years.
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The Syncrude mine, north of Fort McMurray Alta., churned out an average of 359,500 barrels of crude per day in August.
The other Syncrude partners include Imperial Oil Ltd. (TSX:IMO), Suncor Energy Inc. (TSX:SU), Nexen Inc. (TSX:NXY), Chinese state-owned firm Sinopec, Mocal Energy and Murphy Energy.
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