FORT MCMURRAY, Alta. — ConocoPhillips has approved a $1.1 billion oilsands project southeast of Fort McMurray.
The Surmont oilsands project is slated to proceed, which will give the province’s oilfields a massive boost. The first bitumen is expected to be extracted from the site in 2006 and by 2012 the company will be producing more than 100,000 barrels per day there.
The oilsands project has been in the planning stages for seven years before receiving approval from the company’s board of directors yesterday.
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