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Pipes that carry hot steam to well heads at Cenovus Energy's oil sands operation in Christina Lake, Alberta, Canada. (RICHARD PERRY/NYT)
Pipes that carry hot steam to well heads at Cenovus Energy's oil sands operation in Christina Lake, Alberta, Canada. (RICHARD PERRY/NYT)

Oil producers bank on homegrown push to drive competition Add to ...

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Canadian oil producers are confident in Alberta’s oil sands projects as a long-term play, betting that consolidation and a homegrown focus will drive down operating costs and make the industry more competitive as foreign players retreat.

Brian Ferguson, chief executive officer of Cenovus Energy Inc., which last month announced a $17.7-billion deal for ConocoPhillips Co.’s oil sands holdings and other Canadian assets, told reporters Tuesday that the pending acquisition gives Cenovus “complete control of our future in the oil sands.”

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