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Cost Of Fort Hills Oilsands Project Increasing

Fort McMurray, AB, Canada / MIX 103.7
Cost Of Fort Hills Oilsands Project Increasing

An oilsands mining project north of Fort McMurray is costing Suncor more than originally thought.

The Calgary-based company announced on Wednesday, due to the wildfire and other construction changes, the Fort Hills project, which is a joint venture between Suncor, Total and Teck Resources, will now cost between $16.5 and $17 billion.

The previous estimate was $15.1 billion.

But, to keep the cost of flowing barrel of bitumen at $84, 000, the energy giant is increasing expected capacity to 194, 000 bpd from 184, 000 bpd.

Suncor notes their remaining share is between $1.6 and $1.8 billion

As of December 31st, the project was 76 per cent complete.

Meanwhile, Suncor is reporting a 2016 4th quarter net profit of $531 million. They also achieved a new quarterly crude production record of over 738 barrels of oil equivalent per day

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