Connacher Oil & Gas Ltd CLLZF

Suncor 10billion oilsands..

[jerrid]

Suncor launches $10B oil sands project: report CTV.ca News Staff Suncor Energy is expected to launch a massive oil sands expansion today in northern Alberta that will cost more than $10-billion, The Globe and Mail reported Monday. The Calgary-based energy firm is expected to file a regulatory application for the project after markets close, The Globe said. The Voyageur project is larger than Suncor's Millennium project, which as launched earlier this decade, and is expected to add 200,000 barrels of daily output. The initial application will deal with an upgrader facility -- Suncor's third. The upgrader will turn bitumen, a tar-like substance, into crude oil that can better be moved through a pipeline to a refinery. The final project will include a new mining operation that will feed bitumen ore into the upgrader. Steven Williams, executive vice-president of the company's oil-sands operations, told The Globe, the entire project will cost "$10-billion plus." He said the company has already spent "tens of millions" on engineering work. Construction will begin on the project in 2008, with oil beginning to flow in 2010, said The Globe. The expansion comes amid a boom in oil prices. However, those prices have been offset by soaring capital costs, Williams said