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Petro Canada, Teck, UTS proceed on design of $14B Fort Hills oilsands project (Fort-Hills-Oilsands)# p: c1 ]0 D: x
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 $14.1 billion.1 m- i% r% X* e0 a4 Z, t; K* g" W
: I0 T8 ]2 V% D7 j; [$ N$ sThe members of the Fort Hills Energy Limited Partnership said Thursday" z/ ~$ l4 E( `( @! G4 y
7 Z- y0 H3 Q! z2 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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! F) v8 a: P/ S+ iThe 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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# r& Z) w. L; n" w4 EBitumen production is targeted for late 2011, with oil output from the upgrader expected to start around mid-2012.
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( F. Y) F9 V8 e3 R v3 ^! f# |6 qBy 2014, Fort Hills is projected to produce up to 280,000 barrels per day.
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; e% s+ A2 G2 K8 s L9 c* Z( Y& yPetro-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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