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Canadian Oil Sands Developer Teams with ConocoPhillips
Saudi Press Agency Published in Saudi Press Agency on 05 - 10 - 2006

EnCana Corporation and ConocoPhillips announced Thursday that they have agreed to create an integrated North American heavy-oil business.
EnCana, Canada s biggest independent oil and natural-gas producer, is one of several developers of Canada s vast oil sands resources.
The venture will be comprised of two 50-50 operating partnerships, one Canadian upstream partnership, and one U.S. downstream partnership.
Over the next decade, the upstream partnership plans to invest $5.4 billion to increase bitumen production capacity in northeastern Alberta. By 2015, the downstream partnership plans to invest about $5.3 billion in U.S. refineries, the companies said.

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