The Suncor Fort Hills Oil Sands Project is a mining endeavor undertaken by co-owner companies Suncor Energy Inc., Total E&P Canada Ltd. and Teck Resources Limited; this mining project focuses on oil sands in the Athabasca region of Alberta, Canada, as reported by Suncor. The companies expect the oil mining site to produce oil starting in 2017 and predict that the site will produce oil for 50 years. Suncor is the operator and majority owner of the project and is expected to spend at least a billion Canadian dollars preparing the site for oil mining and production.Continue Reading
In 2018, the Suncor Fort Hills Oils Sands mining site is expected to produce 180,000 barrels of oil a day, according to Total. The project is a surface mining endeavor that is purported to have taken environmental impact into account during the planning phase. Both Total and Suncor worked with local government bodies to set standards for environmental impact on both land and water. If these standards are exceeded, the companies behind the project are responsible for fixing those issues.
In early 2015, Suncor announced major profit losses in the fourth quarter of 2014 thanks to a severe drop in oil prices, as reported by Bloomberg Business. Nevertheless, the company decided to push forward with the Fort Hills Oil Sands Project, which is in process as of 2015.Learn more about Industries