Husky proceeds with Tucker oil sands project

By OGJ editors

HOUSTON, July 23 -- Calgary-based Husky Energy Inc. said it is proceeding with its Tucker oil sands project after receiving approval from the Alberta Energy and Utilities Board.

The lease area for the project, which lies 30 km northwest of Cold Lake, Alta., is estimated to hold 1.27 billion bbl of original bitumen in place. The project is expected to recover about 350 million bbl of oil over a 35-year lifespan.

Construction of the Tucker project will begin next year and is slated for completion in 2006. Project commissioning is planned for third quarter 2006.

Oil production will begin within 3-6 months of commissioning, with expected peak production rates of 30,000-35,000 b/d of oil.

Capital cost to first oil is expected to be about $500 million, including a 5% contingency for changes that might be required during final design and construction, Husky said.

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