(Bloomberg) -- Petro-Canada, the third-largest oil
company in Canada, and its partners will spend C$26.2 billion
($24.6 billion) on an oil-sands project in northern Alberta
that's one of the world's most costly energy developments.
The Fort Hills project is expected to produce 280,000
barrels of oil a day from the tar-like deposits by 2014, with
output starting in the second quarter of 2012, the Calgary-based
company said today in a statement. The project, under development
for more than five years, will tap oil reserves second only to
those in Saudi Arabia.
Read more at Bloomberg Energy News
company in Canada, and its partners will spend C$26.2 billion
($24.6 billion) on an oil-sands project in northern Alberta
that's one of the world's most costly energy developments.
The Fort Hills project is expected to produce 280,000
barrels of oil a day from the tar-like deposits by 2014, with
output starting in the second quarter of 2012, the Calgary-based
company said today in a statement. The project, under development
for more than five years, will tap oil reserves second only to
those in Saudi Arabia.
Read more at Bloomberg Energy News
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