Japex Plans $1.4B Upgrade Of Canadian Oil Sands Project

Law360, New York (December 14, 2012, 5:37 PM EST) -- Japan Petroleum Exploration Co. Ltd. plans to build a $1.4 billion expansion of its oil sands project in Alberta, Canada, that will boost the project's output from more than 6,000 barrels per day of crude to around 20,000 barrels per day, the company announced Friday.

Japex said it would begin development work on the expansion immediately, deciding in the near future whether to increase production at the Hangingstone project even further to more than 30,000 barrels per day.

The expansion will allow Japex and its consolidated...
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