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Petro Canada, Teck, UTS proceed on design of $14B Fort Hills oilsands project (Fort-Hills-Oilsands)% `7 s( R# n: Q8 P3 I, J) ?- |
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 $14.1 billion.
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, x4 ?( h( x1 n/ O/ N( |8 t) b" \+ VThe members of the Fort Hills Energy Limited Partnership said Thursday3 Y% D5 l9 b8 u( ^' @- `9 F; D: r
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they are committed to proceed with front-end engineering and design. This will take about a year, “producing a definitive cost estimate and the basis upon which the final go-ahead decision on the project will be made.‘‘, z2 U3 C8 _3 q! r; \
7 C, T0 h" X8 o7 pThe project _ an oilsands mine and bitumen extraction plant 90 kilometres north of Fort McMurray, Alta., and upgrader northeast of Edmonton _ is expected to produce 140,000 barrels per day of synthetic crude oil in its first phase.: S- C0 N9 q9 ?- z$ C* b
3 A/ g& ~" `. t: G$ FBitumen production is targeted for late 2011, with oil output from the upgrader expected to start around mid-2012.
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By 2014, Fort Hills is projected to produce up to 280,000 barrels per day.' `( b; ^ L1 O) k& T3 _6 D' f+ N1 b
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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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