Canada Government OKs Joslyn North Oil-Sands Project

OTTAWA (Dow Jones Newswires), Dec. 9, 2011

The Canadian government said Thursday work can begin at the Joslyn north oil-sands project after the completion of an environmental assessment.

The project, expected to attract C $9 billion (US $8.9 billion) in investments, is headed by Total E&P Canada and was first proposed six years ago. Total E&P is a unit of French oil major Total.

In announcing the project's approval, Canada's resources minister, Joe Oliver, said governments must work to reduce the amount of time needed for project approval. He said without regulatory reform, Canada was at risk of losing out on investments such as Joslyn.

He said Canada was fortunate that the project's developers showed patience.

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