Rare Foreign Investment in Oil Sands as Nexen OKs C$400M Expansion

Calgary-headquartered Nexen Energy will begin work on a new C$400-million expansion of its Long Lake project, in a rare return of foreign direct investment to the oil sands. Nexen, a subsidiary of Chinese state-owned oil company CNOOC Ltd., announced Tuesday it had decided to proceed with a project to add 26,000 barrels of oil production per day to its Long Lake oil sands development. The project will add new well pads and pipelines to an existing facility by 2020. CNOOC purchased Nexen for C$15.1 billion in 2013, roughly a year-and-a-half before oil prices began to tumble.

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