The delayed Fort Hills oilsands project could be developed at a smaller scale than previously conceived once operator Suncor Energy Inc. (TSX:SU) decides where to rank it on its list of priorities, says the head of UTS Energy Corp. (TSX:UTS). “The key question for that is: ‘Where does Fort Hills fit in that portfolio?’ And obviously we’ll be working pretty closely with Suncor trying to understand where that is,” UTS chief executive William Roach told an energy conference in Calgary on Wednesday.
Suncor acquired a 60 per cent working interest in Fort Hills when it merged with Petro-Canada last month. UTS and Vancouver-based miner Teck Resources Ltd. (TSX:TCK.B) evenly split the rest. Suncor has been working on integrating its oilsands-focused business with Petro-Canada’s more diverse array of assets since the transaction became official Aug. 1.