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Petro Canada, Teck, UTS proceed on design of $14B Fort Hills oilsands project (Fort-Hills-Oilsands)' M, C* b; f w! ]$ V
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 $14.1 billion.5 p$ k+ ~3 Y3 L
( x4 o$ b+ G* C1 A) }6 \+ [The members of the Fort Hills Energy Limited Partnership said Thursday
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- |8 l9 E2 K7 O& ^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.‘‘% `+ ~6 L) Z3 e( G& Q
3 u% u9 K& x k- I, X7 j8 ^4 |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.0 U6 D4 ~& L$ f, q |6 ~/ a
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Bitumen production is targeted for late 2011, with oil output from the upgrader expected to start around mid-2012.4 P( R# r" [( G3 a
5 G: F% `% i7 ?% eBy 2014, Fort Hills is projected to produce up to 280,000 barrels per day.7 Z2 a" w( J+ N, {6 z- g6 \ J3 r
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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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