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Petro Canada, Teck, UTS proceed on design of $14B Fort Hills oilsands project (Fort-Hills-Oilsands)
' l9 i5 S/ l6 q9 XVANCOUVER (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 $14.1 billion.
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8 R8 |( D4 K% D% k( m5 S7 QThe members of the Fort Hills Energy Limited Partnership said Thursday$ {8 e- D O& T
; m+ l+ \+ G4 z3 z1 O9 T- ^( ]& v# j5 fthey 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.‘‘3 ~( O, l8 ^ ?; X8 Y$ q
u% r6 N' b) F. |8 W' o7 EThe 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.
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& F% W2 U0 [' f4 {# l6 g) h: i/ ~By 2014, Fort Hills is projected to produce up to 280,000 barrels per day.: ^8 e+ r: a/ |. Q$ r
( Q5 o; d6 s! g* ]7 w" pPetro-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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