Opti Canada & Nexen Plan $1.7 Billion Phase II Upgrader Expansion in Alberta

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Opti Canada, Incorporated (CA:OPC) (Calgary, Alberta) and Nexen, Incorporated (NYSE:NXY) (Calgary, Alberta) formed a joint venture in 2001 to construct a 140,000 barrels per day upgrader in Fort McMurray, Alberta, known as the Long Lake Project. Phase I of the project is a 70,000 barrels per day oil sands project that began construction during the third quarter of 2004, with the upgrader scheduled to start-up in mid 2007. In addition, phase II is in the regulatory process and expects construction, if approved, to commence during the fall of 2008, with a start-up date anticipated in the summer of 2010.

The Long Lake project will include an OrCrude unit, which is Opti’s proprietary technology. The unit transforms bitumen and heavy oil into premium synthetic crude. The OrCrude process forms a continuous loop that completely processes the bitumen, leaving as an end result liquid asphaltenes and synthetic crude oil. In addition, the project will have hydrocrackers, gasification units, and a cogeneration facility. The central facilities will include a 35,000 cubic meter per day steam generation facility, equipped with pollution abatement equipment and a wastewater treatment recycling area.

Industrialinfo.com is currently tracking other upgraders in the Western Canada region that have invested, and will invest, a total of nearly $9.3 billion in capital expenditures from first quarter 2002 through first quarter 2010. The participating companies are Opti Canada, Incorporated, BA Energy, Canadian Natural Resources, Limited, ExxonMobil Canada, Synenco Energy, Incorporated, Suncor Energy, Syncrude Canada, Limited, and Husky Energy, Incorporated.

See related news article titled - Rise of Canadian Oil Sands Projects Promote Round of New Bitumen Upgraders.

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