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