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Petro Canada, Teck, UTS proceed on design of $14B Fort Hills oilsands project (Fort-Hills-Oilsands): v1 m0 w: @' B2 t; A# p6 p
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 $14.1 billion.
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A& f) z' v' T: M* `9 h2 OThe members of the Fort Hills Energy Limited Partnership said Thursday
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2 {/ R- d, M- c% ^( K" Fthey are committed to proceed with front-end engineering and design. This will take about a year, “producing a definitive cost estimate and the basis upon which the final go-ahead decision on the project will be made.‘‘2 @4 ?: c& ~* m3 `$ U: C" h5 P% J' U
6 i% }7 z7 P) A! ]+ F6 G) L1 wThe 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.+ r" e) G S5 w6 q
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Bitumen production is targeted for late 2011, with oil output from the upgrader expected to start around mid-2012. k! ?! s' A4 e# f; `% s8 D
! A6 Z8 Q. O, _" I( Q' h/ X0 pBy 2014, Fort Hills is projected to produce up to 280,000 barrels per day.
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: P8 _: @$ M* B9 b' |, oPetro-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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