Canada’s Athabasca Oil Sands Corp. said it received regulatory approval for its 150,000 barrels per day MacKay River project in Alberta and is on track to start production from 2014.
The MacKay River project, a joint venture with PetroChina , is expected to initially produce 35,000 bbl/d of oil and construction will begin next month, Athabasca Oil Sands said in a statement.
Athabasca Oil Sands holds a 40-per-cent stake in the project.
The company, which listed its shares on the Toronto Stock Exchange in April last year, aims to produce 500,000-700,000 bpd of bitumen in 15 to 20 years from the time it starts up in 2014.
Follow us on Twitter: