For half a century, the oilsands have fuelled an industry that has become an engine of Canada’s economy. Later this year, the oilpatch will mark the opening of the Fort Hills mine, adding to the 30 oilsands projects in operation.
Here are five things to know about Fort Hills:
1. The project is located 90 kilometres north of Fort McMurray in northern Alberta. Suncor Energy has a 50.8 per cent majority stake in the operation, along with Total E&P Canada with a 29.2 per cent share and Teck Resources owning 20 per cent.
2. It’s massive. With a maximum capacity of 194,000 barrels per day, it will be one of the biggest oilsands projects, accounting for nearly 10 per cent of current oilsands production.
3. It isn’t cheap. It’s estimated to cost between $16.5 billion to $17 billion.
4. It will be pumping oil for a long time, with an estimated life span of 50 years.
5. Once fully operational, it’s expected to generate 1,600 jobs.
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