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LONDON (AP) - A unit of energy company Royal Dutch Shell PLC Tuesday said it purchased leases to explore for heavy oil on 10 parcels of land in the Canadian province of Alberta for 465 million Canadian dollars, or about $400 million.
Shell Exploration & Production Americas said it established a company last month to evaluate and potentially develop heavy-oil resources secured in an oil-sands tender organized by the Alberta Department of Energy.
Northern Alberta is becoming one of the world's most coveted exploration regions as higher crude prices and technology innovations increase the economic case for difficult-to-extract, or poorer-quality, resources.
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