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Petro Canada, Teck, UTS proceed on design of $14B Fort Hills oilsands project (Fort-Hills-Oilsands)
% N* Y. x$ h$ r2 m2 W) K9 ?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 $14.1 billion.1 u0 h/ ?- W% `* r v7 }
1 _) U7 {9 C; G) U# jThe members of the Fort Hills Energy Limited Partnership said Thursday7 n) k3 \+ F$ x3 B D
! i8 ~8 b5 m" Y1 Q5 cthey 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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6 A5 y; r; k9 m5 E+ K" ]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.
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Bitumen production is targeted for late 2011, with oil output from the upgrader expected to start around mid-2012.& w" y' M5 @8 [( ~
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By 2014, Fort Hills is projected to produce up to 280,000 barrels per day.
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' D9 @4 \1 k& k. h5 |8 hPetro-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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