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Petro Canada, Teck, UTS proceed on design of $14B Fort Hills oilsands project (Fort-Hills-Oilsands)
( Z& e9 Y& K v LVANCOUVER (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 $14.1 billion.
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The members of the Fort Hills Energy Limited Partnership said Thursday
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, J2 K* j# m5 F: e, H/ |. othey are committed to proceed with front-end engineering and design. This will take about a year, “producing a definitive cost estimate and the basis upon which the final go-ahead decision on the project will be made.‘‘6 Q. f9 {% a8 `7 n0 V* h2 K
- @0 I8 p* z$ W$ l* kThe 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.7 I }1 Z1 S( I, n9 b
- E4 A5 O" ~* {: E* @# j9 X3 JBitumen production is targeted for late 2011, with oil output from the upgrader expected to start around mid-2012.0 j/ ] j! Y$ T. H! m7 t, z: j, G
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By 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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