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Named the Mackay River and Dover, the two projects can turn out at most 500,000 barrels of oil sands per day. Generally speaking, oil sands projects are capital-intensive and lack for long-term investments as well as such products can hardly be evaluated in the traditional equity market, so the Canadian oil sands producer decides to invite a global oil titan to complete the two projects on schedule.
In order to satisfy the fast economic growth, Chinese oil front-runners pay more attention to traditional oil reserves, but they make not too much investment in the oil sands field.
Presently, a 10% stake in Total's oil sands project in the works is controlled by China Petroleum & Chemical Corporation (Sinopec; SEHK: 0386; SHSE: 600028), and China National Offshore Oil Corporation (CNOOC) holds not more than 17% of a small-sized oil sands project.
Source: www.163.com (September 01, 2009)
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