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Petro Canada, Teck, UTS proceed on design of $14B Fort Hills oilsands project (Fort-Hills-Oilsands)
& D& c- f# T+ A+ @; hVANCOUVER (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 $14.1 billion.7 f5 `- ^' [, f, T6 b: y, P
% S# L7 h) s6 M$ R( E, m0 UThe members of the Fort Hills Energy Limited Partnership said Thursday1 v. G5 v1 F6 s( S( ]8 i) ]
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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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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." f# o; Z; m' N; d" U
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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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By 2014, Fort Hills is projected to produce up to 280,000 barrels per day." h. k- V' A6 G. B& T2 l8 _) N
, S6 X5 u# S% WPetro-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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