US Oil Sands makes final investment decision for Utah bitumen project
TORONTO (miningweekly.com) – TSX-V-listed US Oil Sands this week approved the final investment decision to proceed with construction of its PR Spring Project, in Utah.
The Calgary, Alberta-based firm’s board on Wednesday reported that it would proceed to build an enhanced Phase 1 project, designed to produce about 2 000 bbl/d of bitumen with attractive capital costs, operating expense and environmental profile.
With the approved enhancements, Phase 1 can process a broader range of oil sand ores while improving solvent and water recovery. Design enhancements would substantially reduce solvent and water losses.
Phase 1 of the project is expected to achieve commercial production in the second half of 2015, and has a $60-million price tag.
Kellogg Brown & Root was selected to provide project and construction management services for the PR Spring project and would assist in bringing both the extraction facilities and mine development into commercial production.
US Oil Sands also said that it had started procuring long-delivery equipment over the next few months, starting with a rotary slurry mixer, one of the largest pieces of equipment for the project.
Last month, the United States Patent and Trademark Office approved its citrus-based patent for its biosolvent oil sands extraction method, which the company bills as an industry “game changer”. A Canadian patent was granted in 2012.
"Our first quarter has been an exceptional period for our company, as we transitioned the PR Spring project from the design stage to the execution and build stage. Included in this transition was our board’s approval of major project enhancements that will enable us to cut our water usage in half, increase our biosolvent recovery by 50%, and recover increased amounts of oil from a broader range of oil sands ore,” US Oil Sands CEO Cameron Todd said.
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