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Petro Canada, Teck, UTS proceed on design of $14B Fort Hills oilsands project (Fort-Hills-Oilsands)
7 l- i2 Q( M% E" G, cVANCOUVER (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 $14.1 billion.
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The members of the Fort Hills Energy Limited Partnership said Thursday( @) ~9 w* z& h. Z2 T( n" l
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they are committed to proceed with front-end engineering and design. This will take about a year, “producing a definitive cost estimate and the basis upon which the final go-ahead decision on the project will be made.‘‘+ Z- H% y% u! ]' F
* r! O0 @" g1 M% @$ p# @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.
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3 u2 \. y# x+ L! z: {Bitumen production is targeted for late 2011, with oil output from the upgrader expected to start around mid-2012.
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2 o. d) V0 k6 tBy 2014, Fort Hills is projected to produce up to 280,000 barrels per day." U+ a* h8 I, {2 B# h, ^
* [& d8 o" l4 ^/ [5 h, nPetro-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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