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Petro Canada, Teck, UTS proceed on design of $14B Fort Hills oilsands project (Fort-Hills-Oilsands)
8 x/ o a* y( D1 M8 {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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u; z' ]% @3 j! g5 C* `9 JThe members of the Fort Hills Energy Limited Partnership said Thursday9 \) T$ s) A! F. B0 V0 R( E9 U
% \! q( @- r9 e! Pthey 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; N$ F2 u+ t' ]& Z, A# N; y2 A4 l& s
# g3 ?3 x0 |& Z4 i+ }* K: yThe 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.5 ]9 ?& M- i: x/ z8 `5 c
H0 u9 o# w$ GBitumen production is targeted for late 2011, with oil output from the upgrader expected to start around mid-2012.
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6 W0 i6 F( M! o# C& ^; u4 pBy 2014, Fort Hills is projected to produce up to 280,000 barrels per day.
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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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