Canada’s Suncor, Teck buy part of Total stake in oil sands mine

Suncor Energy Inc, Canada’s second-largest energy producer, together with Teck Resources Ltd have taken higher stakes in the Fort Hills oil sands mine from partner Total SA, resolving a dispute over building costs.

Under terms of the deal, Suncor and Teck will fund more of the C$17 billion (US$13.56 billion) project’s capital cost – C$300 million and C$120 million more respectively. Suncor’s share of the project will be 53.06 %, compared to 20.89 % for Teck and 26.05 % for Total.

Fort Hills in northern Alberta produced 6,000 barrels per day during fourth-quarter test runs and is expected to fully start production in mid-January when the first of three secondary extraction trains starts up, Suncor said.

Fort Hills’ start-up comes as increasing oil sands supply outpaces Canadian pipeline capacity, creating a deepening price discount for Western Canada Select compared to benchmark West Texas Intermediate (WTI).

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