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Petro Canada, Teck, UTS proceed on design of $14B Fort Hills oilsands project (Fort-Hills-Oilsands)
3 ^) b& \/ Y: ~5 H8 o h( K& R2 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 $14.1 billion.1 j. V; W! G( f/ @! C
8 U# `: ~, W, Y6 [' W/ \The members of the Fort Hills Energy Limited Partnership said Thursday5 t r+ C' {9 h
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they are committed to proceed with front-end engineering and design. This will take about a year, “producing a definitive cost estimate and the basis upon which the final go-ahead decision on the project will be made.‘‘
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8 }6 a/ T8 y/ |* SThe project _ an oilsands mine and bitumen extraction plant 90 kilometres north of Fort McMurray, Alta., and upgrader northeast of Edmonton _ is expected to produce 140,000 barrels per day of synthetic crude oil in its first phase.8 K- I# k$ ~$ L1 U* x( z9 Y: n
/ X8 ]) [' M4 R, L, @Bitumen 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.2 l- O. @5 I. D2 Y7 l; k8 {' w8 S, U
! e z7 `5 H+ }% [! A( NPetro-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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