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The company said the total cost of the proposed expansion would be $1.4 billion.

The move is a contrast to the stated intentions of competitors Cenovus Energy Inc. and Suncor Energy Inc., which have indicated they wouldn’t sanction new projects in the oilsands until new export pipelines are under construction or until Canadian regulators reduce the costs and onerous burdens on energy companies.

“In the past, in the oilsands area, when there’s a lot of activity, there was a lot of cost inflation,” Canadian Natural president Tim McKay said in an interview, adding that there’s an opportunity for the company to expand during a cyclical low in the sector.

“What we’ve seen today is we’ve got excellent people, crews, services and reasonable prices, so I think it’s a win,” McKay said. The company has yet to officially green light the expansion.

McKay said the company did not intend to ramp up capital spending next year even as it prepares for potential growth projects. Canadian Natural, which has yet to release its capital budget, expects to spend between $4.3 billion and $4.5 billion over the next few years.

Still, analysts expect the company could spend more money if it chose to do so.

“Part of the thing about Canadian Natural is they just have so much cash. I think it’s a blessing and a challenge at the same time and if they weren’t awash in cash they wouldn’t be talking about this yet,” Edward Jones senior analyst Jennifer Rowland said of the company.