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Petro Canada, Teck, UTS proceed on design of $14B Fort Hills oilsands project (Fort-Hills-Oilsands)3 `+ K. G- ?2 l; \3 ^% m ~
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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The members of the Fort Hills Energy Limited Partnership said Thursday
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. h% m* c2 t# G8 Z1 Othey 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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/ ?( X6 F* Y- u4 w+ V: n) GThe 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.% C9 K/ @, U/ o7 ~) R
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Bitumen production is targeted for late 2011, with oil output from the upgrader expected to start around mid-2012.: a% o% _& G- u% ?4 Y
$ F% W6 N5 `0 p! S& ?6 lBy 2014, Fort Hills is projected to produce up to 280,000 barrels per day.; Z& h2 B! x0 I; e9 y y% j5 ^
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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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