31 October 2013 08:39 [Source: ICIS news]
SINGAPORE (ICIS)--French energy firm Total will proceed to invest in the Fort Hills oil sands mining project in Alberta, Canada that would cost about Canadian dollars (C$) 13.5bn ($12.86bn) to develop over the next four years.
“Production from Fort Hills is expected to start by end-2017 and to gradually reach the plateau of 180,000 bbl/day,” Total said in a statement announcing its final investment decision on the project.
“With the expected mine life in excess of 50 years based on current planned production rates, Fort Hills represents more than 3bn barrels of resources, and strengthens Total’s global portfolio by adding geographic diversity and long-plateau production with limited geosciences risk,” Total president for upstream operations Yves-Louis Darricarrere said in the statement.
Total holds a 39.2% stake in the project, with Suncor Energy owning a 40.8% stake and Teck Resources holding the remaining 20%.
($1 = C$1.05)
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