UTS Energy announced the contingent bitumen resource estimates following the results of an independent review of bitumen resources for its three major oil sands projects, Fort Hills, Frontier and Equinox, Alberta, Canada. At Fort Hills, the Best Contingent Bitumen Resources is estimated at 3,390 million of barrels, Equinox project has a Best Estimate Contingent Bitumen Resources of 330 million barrels and Frontier pproject has a Best Estimate Contingent Bitumen Resource of 1,450 million barrels.
Petro-Canada announced that the upgrading portion of the Fort Hills Project has been deferred indefinitely. The mining portion of the project continues to be on hold until the merger with Suncor Energy Inc. (Suncor) is finalized. Some existing equipment supply and services agreements have been terminated or suspended.
Petro-Canada reported that the MacKay River expansion, Fort Hills mining project and the Montreal coker, are not sanctioned and are on hold until commodity prices and financial markets stabilize and the proposed merger with Suncor is completed.
Research - Professional or Research - Advanced Subscriber Access Required
