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Nexen deal sheds light on China's oilsands strategy
BEIJING/HONG KONG (Reuters) – CNOOC’s planned $15 billion purchase of Canada’s Nexen will make the Chinese state energy giant the operator of a major oil sands project for the first time, giving Beijing the expertise to be able to tap massive unconventional oil reserves at home. China estimates the oil-soaked sands it sits on could hold as much as 14.5 billion barrels, which would be double the country’s proven oil reserves. It also estimates it has huge reserves of heavy oil and shale oil — oil trapped in shale formations. …
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