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Petro Canada, Teck, UTS proceed on design of $14B Fort Hills oilsands project (Fort-Hills-Oilsands)9 r8 O' V0 c! F8 I; M4 S" x% 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 $14.1 billion.! g. N8 R8 p3 K$ W$ s! ^8 [( |7 K
9 W6 E, G& |$ U# U H d2 Z% bThe members of the Fort Hills Energy Limited Partnership said Thursday
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4 x! j, S# x' nthey 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.‘‘6 Y0 y# K' d0 Q' {' Z2 W. v
+ T7 j' l9 z! u) O3 Y: hThe 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., |8 q% N2 k/ a4 Q9 t: p8 Q; D
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Bitumen production is targeted for late 2011, with oil output from the upgrader expected to start around mid-2012.' o- U( Z% \8 M7 P$ D) X) C
# @6 d+ o [* N+ V0 T' }( y5 V% o3 xBy 2014, Fort Hills is projected to produce up to 280,000 barrels per day.
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/ J" n5 f! d2 u4 aPetro-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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