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Opti Cda Inc. (OPCDF) RSS Feed

Followers
1
Posters
3
Posts (Today)
0
Posts (Total)
9
Created
11/10/10
Type
Free
Moderators
The Long Lake project, a joint venture between Nexen and OPTI Canada Inc. (OPC.T, OPCDF), uses a newer gasification technology to upgrade heavy oil sands oil into light oil, but the project has been plagued by technical glitches and is still among the most costly and inefficient oil sands projects. Nexen said the gasification technology will eventually give the project a significant margin over its peers, and lower its operating costs to $25 a barrel when fully ramped up. Since the first quarter, Nexen said its cash operating loss from Long Lake has dropped to C$19 million from C$58 million. Nexen owns a 65% stake in the project.
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