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Chinese companies commit to oilsands despite setbacks and poor operating results

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While some European and U.S. companies cut their exposure to the Canadian oilsands, China's Big Three oil giants -- CNOOC, PetroChina and Sinopec -- seem content to let their bets ride even if the results haven't been spectacular.

In 2018, PetroChina produced an average of just 7,300 barrels per day of bitumen from its MacKay River thermal oilsands project, although it was designed to produce 35,000 bpd. In June, its output was about 8,700 bpd.

The company is drilling new wells and experimenting with various technologies to boost output, he said, adding a go-ahead for Dover has been put on hold until MacKay proves itself. "Our oilsands assets are an important part of our North American portfolio and we remain committed to our Canadian operations," CNOOC spokesman Kyle Glennie wrote in a brief email.

 

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Wait a minute. I thought the Alberta oilsands were the most efficient, best run operations ever.

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