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Petro Canada, Teck, UTS proceed on design of $14B Fort Hills oilsands project (Fort-Hills-Oilsands)
5 s) K4 G% C. M: M: \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 $14.1 billion.7 k8 q3 {% r+ {- U. _
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The members of the Fort Hills Energy Limited Partnership said Thursday
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1 Y+ e0 F; H' b E7 E. hthey are committed to proceed with front-end engineering and design. This will take about a year, “producing a definitive cost estimate and the basis upon which the final go-ahead decision on the project will be made.‘‘7 C$ H# q' B9 F
* l: x4 D% i" {: U5 mThe 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.+ u. O8 I0 f5 d4 K$ l# h
& E% p' ]' C: Y1 D' O& R3 kBitumen production is targeted for late 2011, with oil output from the upgrader expected to start around mid-2012.
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7 J C8 Y* K; u+ {- pBy 2014, Fort Hills is projected to produce up to 280,000 barrels per day.
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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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