The two firms have reached a settlement in regards to a dispute over higher-than-expected construction costs at the 190K-b/d Fort Hills oilsands mine. As part of the settlement Suncor Energy Inc. and Teck Resources Ltd. will each provide C$300MM ($239MM) and C$120MM ($96MM), respectively, in more funding for the C$17.00B ($13.56B) project. Given this additional funding, Suncor will up its share in Fort Hills to 53.06% and Teck will up its share to 20.89%. Total will see its share drop to 26.05%.
Fort Hills produced about 6K b/d during test runs in 4Q, with more production expected online in the middle of this month. By the end of this year, Suncor expects Fort Hills production to be 171K b/d. (Jan 3)
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