Petro-Canada proceeding on new $25B oil-sands project
Petro-Canada and their partners in Fort Hills Energy L.P. are moving ahead with engineering and design work on a new oil-sands development in northern Alberta that could ultimately cost $25 billion. If construction of the new facility is approved next year, production is scheduled to start in late 2011 with 140,000 barrels per day of synthetic crude oil. Once all the phases of the new project are finished in 2015 capacity will be about 280,000 barrels per day. Just imagine the progress that could be made on batteries, cellulosic biofuels, fuel cells and overall efficiency with the $25 billion!