Sunshine Oilsands says it’s close to confirming a joint venture for 2 of its undeveloped oil sands leases, but it’s also causing a temporary slow down at its West Ells project.
The company says it has come to an $250-million agreement with a third party to go forward with a 50-50 joint-venture.
The other company is expected to provide thermal enhanced recovery technology to produce 5,000 barrels per day from Muskwa and Godin leases.
The Calgary Herald is reporting the third party is CNOOC – the Chinese company that bought Nexen.
Sunshine says work at West Ells will ramp up again once the deal is confirmed and additional funding has been committed.
August 19th, 2013
