August 20, 2012 / 6:58 AM / 5 years ago

Japex delays Canada oil sands investment decision

TOKYO (Reuters) - Japan Petroleum Exploration (1662.T) will make a final investment decision on its Hangingstone oil sands expansion project in Canada by the end of this year, delayed from its previous target date of mid-2012, the company said on Monday.

The decision will come after it receives permission for the development from the Alberta province, a company spokesman said.

Reflecting the delay, the company now expects to begin output from the expansion in January-June 2016, delayed from the previous outlook of around mid-2015, he said.

The project, which is seen costing around 70 billion to 80 billion yen ($880 million to $1 billion), aims to expand bitumen output by 25,000 to 30,000 barrels per day from production of around 7,000 bpd now.

A Japex subsidiary owns a 75 percent stake in the project, while Nexen Inc NXY.TO has the rest. ($1=79.5200 Japanese yen) (Reporting by Osamu Tsukimori)

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below