Shell Canada announces $4.1 billion capital investment plans

Petroleum News Alaska Staff

Shell Canada said Dec. 8 that it plans to invest $4.1 billion over the next five years. Of this total, $2.5 billion is related to the company’s share of the Athabasca oil sands project announced Dec. 7.

For the year 2000, Shell’s capital and exploration expenditure program will total $1.3 billion. This program includes $720 million for the Athabasca oil sands project joint venture and $200 million for related modifications to Shell’s Scotford refinery. The 2000 program also includes $100 million for exploration, $160 million for upstream development projects and $115 million for downstream projects.

Tim Faithfull, Shell Canada’s president and CEO, said, “Shell Canada is embarking on a major growth initiative as we work towards start-up of the Athabasca oil sands project in late 2002.

Capital spending will be at record levels over the next two years as we implement this project while maintaining investment programs in our upstream and downstream businesses. Investments in the base businesses will continue to focus on our profitability goals.”