February 27, 2009: 11:57 AM ET
OTTAWA -(Dow Jones)- Project costs for a 100,000-barrel-a-day expansion at Royal Dutch Shell PLC’s (RDSA) Athabasca Oil Sands Project have climbed to $13.7 billion, partner Chevron Corp.(CVX) said in a filing with the SEC.
The increase, from Shell’s previous estimate of between C$10 billion and C$ 12.8 billion ($8 billion to $10.2 billion), come as other oil sands developers signal that the plunge in crude futures prices is starting to rein in rampant cost inflation.
The Athabasca development currently produces 155,000 barrels a day of thick, tarry bitumen from the oil sands mine, which is subsequently processed into a higher-grade synthetic fuel at the project’s upgrader. Shell is the project leader with a 60% stake, while Chevron and Marathon Oil Corp. (MRO) own 20% apiece.
Shell doesn’t provide cost estimates for specific projects, senior oil sands spokesman Paul Hagel said, directing further inquiries to Chevron. Chevron wasn’t immediately available for comment.
A number of proposed developments in Alberta’s high-cost oil sands sector have been delayed or canceled as crude prices dived more than 70% off July’s record highs near $150 a barrel and financial markets seized up last year. Work on Shell’s expansion was already underway at the time, and the Anglo-Dutch major still expects the project to start up in late 2010 or early 2011, Hagel said.
-By Hyun Young Lee, Dow Jones Newswires; 613-237-0669; hyunyoung.lee@ dowjones.com
(END) Dow Jones Newswires 02-27-09 1157ET Copyright (c) 2009 Dow Jones & Company, Inc.
CCNMoney.com ArticleThis website and sisters royaldutchshellplc.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, and shellnews.net, are owned by John Donovan. There is also a Wikipedia segment.
Royal Dutch Shell conspired directly with Hitler, financed the Nazi Party, was anti-Semitic and sold out its own Dutch Jewish employees to the Nazis. Shell had a close relationship with the Nazis during and after the reign of Sir Henri Deterding, an ardent Nazi, and the founder and decades long leader of the Royal Dutch Shell Group. His burial ceremony, which had all the trappings of a state funeral, was held at his private estate in Mecklenburg, Germany. The spectacle (photographs below) included a funeral procession led by a horse drawn funeral hearse with senior Nazis officials and senior Royal Dutch Shell directors in attendance, Nazi salutes at the graveside, swastika banners on display and wreaths and personal tributes from Adolf Hitler and Reichsmarschall, Hermann Goring. Deterding was an honored associate and supporter of Hitler and a personal friend of Goring.
Deterding was the guest of Hitler during a four day summit meeting at Berchtesgaden. Sir Henri and Hitler both had ambitions on Russian oil fields. Only an honored personal guest would be rewarded with a private four day meeting at Hitler’s mountain top retreat.
IN JULY 2007, MR BILL CAMPBELL (ABOVE, A RETIRED GROUP AUDITOR OF SHELL INTERNATIONAL SENT AN EMAIL TO EVERY UK MP AND MEMBER OF THE HOUSE OF LORDS: 
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A head-cut image of Alfred Donovan (now deceased) appears courtesy of The Wall Street Journal.
