CALGARY, June 6 /CNW/ - Shell Canada announced today that the Athabasca Oil Sands Project achieved its first 100 million barrels of bitumen production after just over two years of operations. The Athabasca Oil Sands Project has been in operation since April 2003 and reached cumulative production of 100 million barrels on June 4, 2005. "This first 100 million barrels of production from the oil sands is very significant for Shell and the Athabasca Oil Sands Project," said Neil Camarta, Shell's Senior Vice President of Oil Sands. "With this milestone, we have firmly established ourselves as a proven oil sands operator - with the experience and confidence to grow this business to more than 500,000 barrels per day." The Athabasca Oil Sands Project consists of the Muskeg River Mine located north of Fort McMurray, Alberta and the Scotford Upgrader located near Edmonton and is a joint venture among Shell Canada Limited (60 per cent), Chevron Canada Limited (20 per cent) and Western Oil Sands L.P. (20 per cent). This document contains "forward-looking statements" based upon current expectations, estimates and projections of future production, project startup and future capital spending. Forward-looking statements include, but are not limited to, references to future capital and other expenditures, drilling plans, construction activities, the submission of regulatory applications, refining margins, oil and gas production levels, resources and reserves estimates. Readers are cautioned not to place undue reliance on forward-looking statements. Forward-looking statements involve numerous risks and uncertainties that could cause actual results to differ materially from those anticipated by the Corporation. These risks and uncertainties include, but are not limited to, the risks of the oil and gas industry (including operating conditions and costs), demand for oil, gas and related products, disruptions in supply, project schedules, the uncertainties involving geology of oil and gas deposits, the uncertainty of reserves estimates, fluctuations in oil and gas prices and foreign currency exchange rates, general economic conditions, commercial negotiations, changes in law or government policy, and other factors, many of which are beyond the control of the Corporation.
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