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UpstreamOnline: Shell boost in oil sands

SHELL has added to its new acreage position in Canada’s oil sands with a C$101 million (US$92 million) acquisition of leases in Northern Alberta.

Shell unit SURE Northern Energy said it was the successful bidder for five parcels of land in the latest Alberta government sale. The acreage is adjacent to 10 parcels the com¬pany picked up in February for a record C$465 million.

It acquired another parcel in July for C$5.1 million through a land agent, the company said.

The Shell unit has already started drilling on its lands to gauge how an oil sands project may be structured, it said.

Meanwhile, Petro-Canada said last week it had paid C$30 million to acquire more than 31,000 hectares of oil sands leases adjacent to its MacKay River project in north-eastern Alberta.

Petro-Canada said the lands are similar to its MacKay River holdings, where the company has a thermal oil-sands project producing 25,000 barrels of tar-like bitumen.

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