Move will push up costs by Cdn$250 million ($187M).
CNOOC Mining News
The remaining 55 pipelines affected by a suspension order must stay closed until the company can demonstrate they're safe.
The largest synthetic crude oil processing facility in Canada is slowly recovering from a fire that damaged equipment and communication lines over the weekend.
Questions multiply on future of Canadian projects.
A day after reporting a significant jump in the number of pipeline failures, the Alberta Energy Regulator is now investigating one of the biggest ruptures in the province in years.
Natural Resources Minister Joe Oliver says oil sands investment not declining on foreign deal limits.
Chinese energy giant China National Offshore Oil Corp (CNOOC) took over oil sands operator Opti Canada Inc. (TSXV:OPC) today in a deal valued at Cd$2.1 billion. This acquisition gives China's top offshore oil company its second stake in a Canadian oil sands property. With the close, reports Reuters, CNOOC gains a 35 percent stake in the troubled Long Lake oil sands project, which operates well below its 72,000 barrels per day capacity as operator Nexen Inc (NXY.TO) works to overcome problems with the C$6.1 billion project's reservoir.