ALBERTA – The best estimate of the bitumen contained in the leases being developed for the Fort Hills oil sands project was 4.0 billion bbl of bitumen at the end of 2007. The numbers ranged from a high of 4.4 billion bbl to a low of 3.4 billion bbl.
The resource numbers were released by UTS ENERGY CORP. of Calgary. It has a 20% interest in the project along with partners TECK COMINCO (20%) and PETRO-CANADA (60%), the operator. The partners expect regulatory approval for the project at the end of 2008.
Located 90 km north of Fort McMurray, Fort Hills is expected to produce up to 280,000 bbl/d of synthetic crude by 2015 when all phases are completed. The price tag has been estimated at more than $14.2 billion for the mine and upgrading components of phase one.
The latest Fort Hills presentation is available at http://www.Petro-Canada.ca/en/about/675.aspx.