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Petro Canada, Teck, UTS proceed on design of $14B Fort Hills oilsands project (Fort-Hills-Oilsands)
! F$ f, S. b# i/ X4 uVANCOUVER (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 $14.1 billion.
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The members of the Fort Hills Energy Limited Partnership said Thursday
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they are committed to proceed with front-end engineering and design. This will take about a year, “producing a definitive cost estimate and the basis upon which the final go-ahead decision on the project will be made.‘‘: l4 W$ A6 E! j: X3 U0 Q
/ e. a; ^) L$ S, @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.: w# ~0 c2 a' D' P9 z; [: ^* N
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Bitumen production is targeted for late 2011, with oil output from the upgrader expected to start around mid-2012.) H8 g4 E$ d8 h0 w
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By 2014, Fort Hills is projected to produce up to 280,000 barrels per day.$ C8 S7 v; e$ C9 _
. G; @- W. ]0 }2 V( x7 J) E9 [Petro-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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