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Petro Canada, Teck, UTS proceed on design of $14B Fort Hills oilsands project (Fort-Hills-Oilsands)2 n% t( ~0 ?$ q/ z" A. V' q
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 $14.1 billion.
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3 e, T9 M' G$ P4 z1 DThe 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.‘‘+ O* I# v9 h& g, q) U# B! L3 |
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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.2 C3 J5 F! }+ u) P6 [. Q7 _$ R8 A8 L, t
/ H" @+ [6 \1 h" j9 I7 T' iBitumen production is targeted for late 2011, with oil output from the upgrader expected to start around mid-2012.. B/ `+ \: v a# G* F4 {$ {
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By 2014, Fort Hills is projected to produce up to 280,000 barrels per day.
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+ T; ^6 ~9 f0 u5 L) [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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