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Petro Canada, Teck, UTS proceed on design of $14B Fort Hills oilsands project (Fort-Hills-Oilsands)
; n, a; V9 p( S; `4 J7 JVANCOUVER (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 $14.1 billion.- }# z9 W) m" I& W
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The members of the Fort Hills Energy Limited Partnership said Thursday9 Z! b1 V& v8 I, }; x }0 T8 A
2 v+ ]0 S+ P' u& sthey are committed to proceed with front-end engineering and design. This will take about a year, “producing a definitive cost estimate and the basis upon which the final go-ahead decision on the project will be made.‘‘
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- @* {4 P" R. X3 r- sThe project _ an oilsands mine and bitumen extraction plant 90 kilometres north of Fort McMurray, Alta., and upgrader northeast of Edmonton _ is expected to produce 140,000 barrels per day of synthetic crude oil in its first phase., D g; \. |( P9 B( a& M
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Bitumen production is targeted for late 2011, with oil output from the upgrader expected to start around mid-2012." G7 t9 @7 x# V4 @3 o& s5 s- W$ F& f& |
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By 2014, Fort Hills is projected to produce up to 280,000 barrels per day.
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1 H1 }4 ~. G) e0 U: A' p# fPetro-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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