Fort Hills oilsands project achieves first oil, now in continuous production

The Canadian Press

The Fort Hills oilsands project has achieved its first oil production and will continue to ramp up through the first quarter.

Suncor Energy Inc., the project operator, says Fort Hills remains on track to reach 90 per cent capacity by the end of 2018.

The Fort Hills operation is 90 kilometres north of Fort McMurray, Alta., and has a capacity of approximately 194,000 barrels per day.

Suncor holds a 53.06 per cent interest in the project, while Total E&P Canada Ltd. owns 26.05 per cent. Teck Resources Ltd. holds the remaining 20.89 per cent.

Companies in this story: (TSX:SU, TSX:TECK.B)