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Kearl oilsands project in Alberta gets green light

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by Journal Of Commerce

Kearl is one of the few major oilsands projects that hasn’t been postponed or cancelled because of the decline in oil prices and the global credit crisis.

The first phase of the Kearl oilsands project is moving ahead.

It will become a surface mining operation northeast of Fort McMurray, Alberta.

Kearl is one of the few major oilsands projects that hasn’t been postponed or cancelled because of the decline in oil prices and the global credit crisis.

Kearl partners decided to take eight extra months to rework costs, after the cancellation of competing projects halted cost run-ups seen in recent years. The cancellations also freed up engineering firms.

The partners are cutting costs by negotiating with service providers and holding off ordering equipment to get the best price.

The total cost of the Kearl oilsands project is estimated at about $8-billion, not including an upgrader.

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