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ConocoPhillips plans oil sands selloff

PHOTO. A 2012 photo of the Surmont facility. Supplied by ConocoPhillips.

ConocoPhillips says it’s planning to sell off some of its stakes in the oil sands.

CEO Ryan Lance says the company wants to cut back on some of its higher cost projects.

It still expects overall oil sands production to double by 2017 even though it’ll have fewer properties.

ConocoPhillips currently runs the Surmont SAG-D project 63 kilometres southeast of Fort McMurray, but also owns several undeveloped leases in the region.

It also owns 50 percent of the Foster Creek and Christina Lake projects that Cenovus runs.

February 28, 2013