Alberta regulators give green light to MacKay River project

12/28/2011

Alberta regulators give green light to MacKay River project

CALGARY -- Alberta regulators have approved the MacKay River oil-sands project, a planned 150,000-barrel-a-day project in the northern part of the province jointly owned by Canada's Athabasca Oil Sands Corp. and China's PetroChina Co.

Calgary-based Athabasca Oil Sands, which owns 40% of MacKay Operating Corp., the joint-venture company, said in a statement that MacKay River is expected to start up in 2014. Phase 1 is expected to produce 35,000 barrels a day of oil.

As reported, PetroChina paid about C$1.9 billion in 2009 to buy a 60% stake in two oil-sands projects owned by Athabasca Oil Sands.

The commercial application for MacKay River was filed in December 2009. The project has now obtained full regulatory approval from the Alberta Energy Resources Conservation Board and Alberta Environment and Water.

Dow Jones Newswires

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