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Petro Canada, Teck, UTS proceed on design of $14B Fort Hills oilsands project (Fort-Hills-Oilsands)+ j2 I7 W d8 j4 P
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 $14.1 billion.$ }; m" f3 B7 q( W+ e2 o" u8 @
# ~% V7 K; M, B: p% u1 P( s# LThe members of the Fort Hills Energy Limited Partnership said Thursday
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, h! h4 c3 N z3 \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.‘‘+ h9 ?3 S1 L, v; |! W" [5 `4 s$ \
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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., w9 K K: G2 m9 J/ B; d
$ ^3 i5 |, `: b; k+ Z7 ZBitumen production is targeted for late 2011, with oil output from the upgrader expected to start around mid-2012.
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By 2014, Fort Hills is projected to produce up to 280,000 barrels per day.
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2 L) E: q% v3 l1 O2 ^; E" dPetro-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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