10/31/2013 - News
Fort Hills development strengthens Total’s position in Canada
Total has reached a final investment decision to develop the Fort Hills oil sands mining project in Alberta, Canada, located some 90 kilometres north of Fort McMurray.
Production from Fort Hills is expected to start by end-2017 and to gradually reach the plateau of 180,000 b/d. The estimated cost to develop the project over the next four years is approximately C$13.5 billion.
“The Fort Hills sanction is an important milestone that reinforces Total’s strategy to become a significant producer in Canada,” said Yves-Louis Darricarrère, President Upstream at Total. “With an expected mine life in excess of 50 years based on current planned production rates, Fort Hills represents more than 3 billion barrels of resources, and strengthens Total’s global portfolio by adding geographic diversity and long-plateau production with limited geosciences risk.”
“Fort Hills will be developed in a socially and environmentally responsible manner and will integrate recent lessons learned in oil sands mine development. We are confident that this project will bring substantial benefit to Canada, the province of Alberta, and local communities for decades to come,” added Yves-Louis Darricarrère.
Total holds a 39.2% interest in the project with Suncor Energy (40.8%, operator) and Teck Resources (20.0%).