Total reports first oil at Alberta's Fort Hills project
PARIS -- Total announces that the Fort Hills oil sands project located in Alberta, Canada, 90 km north of Fort McMurray, has achieved first oil. Production will ramp up over the next months to reach a plateau of 180,000 bpd. The project is operated by Suncor and owned by Suncor (53.06%), Total (26.05%) and Teck (20.89%).
In line with its strategy, which aims at focusing its capital allocation on low breakeven oil projects and managing its investment effort with discipline on the most profitable projects, and in agreement with the other partners of the project, Total reduced gradually since 2015 its interest from 39.2% to 26.05%. It should eventually settle near 25% once the final project cost is known.
