An agreement between Suncor Energy Inc. and Total Exploration & Production Canada Ltd. is expected to restart construction of a stalled multibillion-dollar oil-sands production facility this year. Total will buy a 49% stake in the Suncor-operated Voyageur upgrader project, located near Fort McMurray. The $1.75-billion deal also includes Total acquiring 19% of Suncor’s Fort Hills mining project and Suncor acquiring 37% of Total’s Josyln mining project. Work on the upgrader, which upgrades bitumen mined from the oil sands into oil, was suspended in 2008. Work will resume once front-end engineering design is updated. Dany Laferriere, Suncor spokesperson, says the agreement
The market is generally healthy and steadily growing, and margins are up for large specialty contractors. Further, advances in design tools and owner demand for collaboration are giving subcontractors a seat at the table early on in projects.