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Petro Canada, Teck, UTS proceed on design of $14B Fort Hills oilsands project (Fort-Hills-Oilsands)
( v! Y- F( d; wVANCOUVER (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 $14.1 billion.
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6 c8 [' ?, \. TThe members of the Fort Hills Energy Limited Partnership said Thursday
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- b* p2 E' F, j F3 \: c/ D. G- ethey are committed to proceed with front-end engineering and design. This will take about a year, “producing a definitive cost estimate and the basis upon which the final go-ahead decision on the project will be made.‘‘0 T* C, L7 X& A/ P" f9 q4 M! M4 J
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The project _ an oilsands mine and bitumen extraction plant 90 kilometres north of Fort McMurray, Alta., and upgrader northeast of Edmonton _ is expected to produce 140,000 barrels per day of synthetic crude oil in its first phase.
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Bitumen production is targeted for late 2011, with oil output from the upgrader expected to start around mid-2012.8 u; X9 [/ c+ r+ R$ n6 P# V# O6 w
' Q# Z0 d# H5 j$ H; |5 ?0 ABy 2014, Fort Hills is projected to produce up to 280,000 barrels per day.
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% H6 v# @! ^6 D, G6 @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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