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Petro Canada, Teck, UTS proceed on design of $14B Fort Hills oilsands project (Fort-Hills-Oilsands)1 W3 q ]0 c9 i* T
VANCOUVER (CP) _ Petro-Canada (TSX:PCS), Teck Cominco Ltd. (TSX:TCK.B) and UTS Energy Corp. (TSX:UTS) have conceptualized the design for the Fort Hills oilsands project, with the first phase budgeted at $14.1 billion.7 l* J7 I4 |6 v8 I7 l; g% O1 ?3 z. |
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The members of the Fort Hills Energy Limited Partnership said Thursday
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they are committed to proceed with front-end engineering and design. This will take about a year, “producing a definitive cost estimate and the basis upon which the final go-ahead decision on the project will be made.‘‘: w+ h* G5 D: d
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The project _ an oilsands mine and bitumen extraction plant 90 kilometres north of Fort McMurray, Alta., and upgrader northeast of Edmonton _ is expected to produce 140,000 barrels per day of synthetic crude oil in its first phase.$ `" k3 Y& u# s; w/ L/ O* O
[2 M8 E* ]' f& O3 A% iBitumen production is targeted for late 2011, with oil output from the upgrader expected to start around mid-2012.
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+ x& ?( r5 W9 M; ]By 2014, Fort Hills is projected to produce up to 280,000 barrels per day.' ?1 Y5 g- \1 l }' Y9 u# y
2 j) f9 F! n, Q4 a( U) kPetro-Canada has a 55 per cent interest in the Fort Hills partnership, with 30 per cent held by UTS Energy and 15 per cent by Teck Cominco. |
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