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Petro Canada, Teck, UTS proceed on design of $14B Fort Hills oilsands project (Fort-Hills-Oilsands)( U/ p$ w6 x! t* A% K
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 $14.1 billion.2 t$ J$ D) E5 v J. u
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The members of the Fort Hills Energy Limited Partnership said Thursday
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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.‘‘9 T: c% n+ [7 P2 v
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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.
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; |: q1 H( w" R6 d) z7 W0 OBitumen 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.# a4 K, M- M7 ]3 @( x+ @& i2 X* w' m
1 L% w$ N& d# U9 {3 b4 s0 ~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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