ALBERTA — Partners at the Fort Hills oil sands development have deferred the final investment decision on the mining portion of the project until next year. Today’s economic climate and falling oil price have also forced them to put plans for the Sturgeon upgrader on hold.
The Fort Hills project is owned by Petro-Canada (60%), Teck (20%) and UTS Energy (20%). The estimated cost of the total project jumped 50% year-over-year, they announced last September. Cost estimates have topped $20 billion for development of a truck-and-shovel pit, processing plant and upgrader. As originally planned, Fort hills would produce up to 280,000 bbl/day of synthetic crude by 2015.
Detailed information about the project is available on the Petro-Canada website, www.Petro-Canada.ca/en/about/675.aspx.