Fort Hills development strengthens Total’s position in Canada
PARIS -- October 31, 2013
Total (Paris:FP) (LSE:TTA) (NYSE:TOT) has reached a final investment decision
to develop the Fort Hills oil sands mining project in Alberta, Canada, located
some 90 kilometres north of Fort McMurray.
Production from Fort Hills is expected to start by end-2017 and to gradually
reach the plateau of 180,000 b/d. The estimated cost to develop the project
over the next 4 years is approximately C$13.5 billion.
“The Fort Hills sanction is an important milestone that reinforces Total’s
strategy to become a significant producer in Canada,” said Yves-Louis
Darricarrère, PresidentUpstream at Total. “With an expected mine life in
excess of 50 years based on current planned production rates, Fort Hills
represents more than 3 billion barrels of resources, and strengthens Total’s
global portfolio by adding geographic diversity and long-plateau production
with limited geosciences risk”.
“Fort Hills will be developed in a socially and environmentally responsible
manner and will integrate recent lessons learned in oil sands mine
development. We are confident that this project will bring substantial benefit
to Canada, the province of Alberta, and local communities for decades to
come,” added Yves-Louis Darricarrère.
Total holds a 39.2% interest in the project with Suncor Energy (40.8%,
operator) and Teck Resources (20%).
Total Exploration and Production in Canada
Total has been present in Canada’s Upstream for nearly fifteen years. Its 2012
equity production in the country was 12,000 b/d.
Total holds a 39.2% interest in Fort Hills and a 38.25% operated interest in
the Joslyn project, which is in engineering phase.
Total also owns a 50% interest in the Surmont SAGD^1 project. Phase1
production began in 2007 and currently averages 25,000 b/d. Development of
Phase2 has begun, with production scheduled to start up in 2015, enabling
Surmont’s total production to increase to around 136,000 b/d. Further
development phases are under study.
In addition, Total has a 50% interest in the Northern Lights Project following
the 2008 acquisition of Synenco Energy.
As its oil sands projects advance, Total E&P Canada will continue to focus on
innovation and industry collaboration through COSIA (Canadian Oil Sands
Innovation Alliance) with a goal to minimizing environmental and social
impacts in NorthernAlberta while ensuring a long-term, reliable energy
* * * * *
Total is one of the largest integrated oil and gas companies in the world,
with activities in more than 130countries. The Group is also a first rank
player in chemicals. Its 97,000employees put their expertise to work in every
part of the industry – exploration and production of oil and natural gas,
refining and marketing, new energies, trading, and chemicals. Total is working
to help satisfy the global demand for energy, both today and tomorrow.
^1 Steam Assisted Gravity Drainage
2, place Jean Millier
Arche Nord Coupole/Regnault
92 400 Courbevoie France
Tel. : (33) 1 47 44 58 53
Fax : (33) 1 47 44 58 24
Robert HAMMOND (U.S.)
Tel. : (1) 713-483-5070
Fax : (1) 713-483-5629
Capital 5 941 838 402,50 euros
542 051 180 R.C.S. Nanterre
Press spacebar to pause and continue. Press esc to stop.