To start of the Oil Industry and Related News forum
CALGARY, ALBERTA--(Marketwire - June 28, 2007) - Petro-Canada, on behalf of the Fort Hills Energy L.P., today announced the formal design basis for its Fort Hills Project - an integrated oil sands mining project that includes a mine and bitumen extraction plant 90 kilometres north of Fort McMurray, Alberta and an upgrader in Sturgeon County northeast of Edmonton, Alberta.
The first phase of the project is planned to produce 140,000 barrels per day (b/d) of synthetic crude oil. Associated bitumen production is expected to be about 160,000 b/d. First bitumen production is expected to begin in the fourth quarter of 2011 with first synthetic crude oil production from the Sturgeon Upgrader anticipated in the second quarter of 2012. The preliminary capital cost estimate for the mine and upgrading components of the first phase of Fort Hills is $14.1 billion.
The Fort Hills project is expected to produce up to a total of 280,000 b/d of synthetic crude oil by 2015, once all phases are complete.
Fort Hills Energy L.P. consists of Petro-Canada with a 55% working interest, UTS Energy Corporation with a 30% working interest and Teck Cominco Limited with a 15% working interest, with Petro-Canada Oil Sands Inc., a wholly owned subsidiary of Petro-Canada, as the contract operator for the project.
UTS Energy Corporation is focused on growing and developing oil sands assets, with a market capitalization of approximately $2.5 billion. The company was instrumental in re-establishing the Fort Hills Oil Sands Project and is the principal founder of the Fort Hills Energy Partnership. Based in
Calgary, Alberta, the company's common shares are traded on the Toronto Stock Exchange under the symbol UTS.
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One small step for man, and one giant leap for the oil industry.
CALGARY, ALBERTA--(Marketwire - June 28, 2007) - Petro-Canada, on behalf of the Fort Hills Energy L.P., today announced the formal design basis for its Fort Hills Project - an integrated oil sands mining project that includes a mine and bitumen extraction plant 90 kilometres north of Fort McMurray, Alberta and an upgrader in Sturgeon County northeast of Edmonton, Alberta.
The first phase of the project is planned to produce 140,000 barrels per day (b/d) of synthetic crude oil. Associated bitumen production is expected to be about 160,000 b/d. First bitumen production is expected to begin in the fourth quarter of 2011 with first synthetic crude oil production from the Sturgeon Upgrader anticipated in the second quarter of 2012. The preliminary capital cost estimate for the mine and upgrading components of the first phase of Fort Hills is $14.1 billion.
The Fort Hills project is expected to produce up to a total of 280,000 b/d of synthetic crude oil by 2015, once all phases are complete.
Fort Hills Energy L.P. consists of Petro-Canada with a 55% working interest, UTS Energy Corporation with a 30% working interest and Teck Cominco Limited with a 15% working interest, with Petro-Canada Oil Sands Inc., a wholly owned subsidiary of Petro-Canada, as the contract operator for the project.
UTS Energy Corporation is focused on growing and developing oil sands assets, with a market capitalization of approximately $2.5 billion. The company was instrumental in re-establishing the Fort Hills Oil Sands Project and is the principal founder of the Fort Hills Energy Partnership. Based in
Calgary, Alberta, the company's common shares are traded on the Toronto Stock Exchange under the symbol UTS.
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One small step for man, and one giant leap for the oil industry.
