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Petro Canada, Teck, UTS proceed on design of $14B Fort Hills oilsands project (Fort-Hills-Oilsands)
& g9 f' b; y. M( OVANCOUVER (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 $14.1 billion.
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' H3 t$ H& j; fThe members of the Fort Hills Energy Limited Partnership said Thursday0 F' J9 H9 F9 j- e1 A' C* Y
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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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% N) M" u2 s2 |6 p+ Z1 F W( 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.
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Bitumen production is targeted for late 2011, with oil output from the upgrader expected to start around mid-2012.1 P$ K& i( j, J9 C! [. r
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By 2014, Fort Hills is projected to produce up to 280,000 barrels per day., |! w- D: q* {: @8 K
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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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