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Petro Canada, Teck, UTS proceed on design of $14B Fort Hills oilsands project (Fort-Hills-Oilsands)) F/ X- e/ Z4 c: J5 m! ~2 V
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 $14.1 billion." x8 l0 \3 u l6 m
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The members of the Fort Hills Energy Limited Partnership said Thursday9 H1 s4 ?: ?1 `, a
5 J* {4 H" M- y; n3 Othey are committed to proceed with front-end engineering and design. This will take about a year, “producing a definitive cost estimate and the basis upon which the final go-ahead decision on the project will be made.‘‘
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The project _ an oilsands mine and bitumen extraction plant 90 kilometres north of Fort McMurray, Alta., and upgrader northeast of Edmonton _ is expected to produce 140,000 barrels per day of synthetic crude oil in its first phase.
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e: q+ L0 Y# A2 j: JBitumen production is targeted for late 2011, with oil output from the upgrader expected to start around mid-2012.
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' \3 b$ g: I0 P! i1 a; t* D$ ]By 2014, Fort Hills is projected to produce up to 280,000 barrels per day.
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* Q' ~0 Z$ x2 ^' T& J: J2 ^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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