Canadian Oil Sands Project Approved

Zack's is reporting:

Europe’s oil giant Royal Dutch Shell plc has received approval from the Canadian government to expand its Jackpine oil sands project in northern Alberta. The expansion is expected to increase production in the region by around 100,000 barrels a day (Bbl/d) to 300,000 Bbl/d.

The regulatory application for the project was filed in 2007 and includes sanction for additional mining areas and related processing facilities, utilities and infrastructure.

The project had faced opposition from several environmentalists on grounds of adverse environmental effects. However, the Canadian government gave the green signal to Shell stating that the resulting effects are justified.

Two story lines:

• someone must find the Canadian oil sands profitable
• the Canadian government listens to environmentalists and proceeds appropriately