Total: Fort Hills project reaches first oilStaff Writer | January 29, 2018
Total announced that the Fort Hills oil sands project located inrnAlberta, Canada, 90 kilometers north of Fort McMurray, has achieved first oil.
Oil exploration 90 kilometers north of Fort McMurray
“We are pleased to see Fort Hills achieving first oil after a challenging construction program of several years in a difficult climatic environment and we congratulate the operator Suncor for having brought to bear all of its expertise to carry out this project”, stated Arnaud Breuillac, president of exploration and production at Total.
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. ■