Fort Hills Asset
Overview
Total is a partner in the Suncor-operated Fort Hills Asset, located approximately 90 kilometres north of Fort McMurray, Alberta.
Total acquired a 20% interest in the Asset on October 1, 2010 through the purchase of UTS Energy Corporation. On December 17, 2010 Total increased its interest in Fort Hills to 39.2% through a strategic alliance agreement with Suncor Energy Inc. The agreement closed in Q1 2011. Suncor holds majority interest in Fort Hills, at 40.8%. Teck Resources Ltd. owns a 20% interest.
Status: Fort Hills Project
The most recent estimates put Fort Hills’ resources at around 3.4 billion barrels of bitumen, which will be recovered through open-pit mining. The Project will be developed in two phases. The first phase of approximately 160,000 barrels per day has already obtained the necessary administrative approvals. According to Total estimates, the Fort Hills Project is expected to come on stream in 2016, and will be developed in parallel with the Voyageur Upgrader Project.