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Fort Hills oil sands project expands



By Upstream staff 

Partners in the C$5 billion ($4.3 billion) Fort Hills oil sands project have snapped up two additional leases in northern Alberta.

Reuters reported that partners UTS Energy, Petro-Canada and Teck Cominco paid C$60 million ($52.4 million) to increase the Fort Hills land position to more than 59,000 acres from about 46,000.

The group has no estimate yet of the new lands' resources of tar-like bitumen, Petro-Canada spokeswoman Michelle Harries said.

The main Fort Hills lease has an estimated 2.8 billion barrels.

"It's early days, but the development is an integral component of our oil sands strategy," Harries said. "Hopefully it will extend the reserve life for the project."


Thursday, 09 February, 2006, 19:31 GMT  | last updated: Thursday, 09 February, 2006, 19:43 GMT

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