ConocoPhillips approves Surmont Oilsands Project
Posted: 16 November 2003
100,000 barrels per day of bitumen expected by 2012
The board of directors of ConocoPhillips approved the Surmont oilsands
project in Alberta, Canada. The $1.1 billion project is expected
to achieve production of more than 100,000 barrels per day (BPD)
of bitumen by 2012.
Construction of the facilities, 60 kilometers southeast of Fort
McMurray, Alberta, Canada, will start early in 2004. Initial production
will commence in 2006, increasing to more than 100,000 BPD by 2012.
“This is an important step in the development of Surmont,
which is a significant addition to our portfolio of legacy projects,”
said Bill Berry, executive vice president of upstream. “This
project draws upon the strengths of integration with our downstream
coking capacity, which will enable significant economic advantages.”
The Surmont project uses a method called Steam Assisted Gravity
Drainage that involves the injection of steam deep into the oil
sands, effectively melting the heavy bitumen, which then is recovered
and pumped to the surface for further processing.
Henry Sykes, president of ConocoPhillips Canada, said, “The
progress on this project thus far is due to the hard work and ingenuity
of our people and the contributions of our partners, Total and Devon,
as well as the constructive relationships that we have built with
the local aboriginal communities and others in the region. We look
forward to a project that minimizes environmental impacts while
creating employment and other benefits, particularly for nearby
communities.”
ConocoPhillips Canada, a wholly owned subsidiary of ConocoPhillips,
is operator of Surmont and has a 43.5 percent stake in the project
and lands, together with partners Total (43.5 percent) and Devon
(13 percent).
ConocoPhillips is an integrated petroleum company with interests
around the world.
Headquartered in Houston, the company had approximately 54,800
employees, $82 billion of assets, and $106 billion of annualized
revenues as of Sept. 30, 2003.
For more information see www.conocophillips.com.
Posted by Richard Price,
Editor Pipeline Magazine
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