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Economic

Suncor is Committed to a New Water Research Center

Suncor is partnering with a number of other companies in order to build a new technology development center close to Fort MacMurray, and the new center will be located at the Suncor Firebag site. All of the companies involved have committed to spending $165 million in order to develop and build this new structure and it will be used for research. In addition to Suncor 5 other companies have joined in on the venture. The project is a joint industry project being overseen by the Canada’s Oil Sands Innovation Alliance. One of the goals of the new water research center near Fort MacMurray is to test water treatment methods and technology, and to develop water recycling technologies and refine these.

According to the chief executive for COSIA, Dan Wickum, “This is a very large, very meaningful project that could only be done collaboratively, and it is the first bricks-and-mortar project that is done under the auspices of COSIA. The concept of having the (centre) right on site and being essentially integrated into an existing plant is novel. The technical folks are really excited about this.” The new center is expected to starting water testing at some point early in the 2017. Kelli Stevens, the spokesperson for Suncor, stated “Building the WTDC as a dedicated facility means that we can speed up how quickly we can develop and commercialize new ideas for SAGD. WTDC should overcome some of the barriers that often would be present when you don’t have dedicated test facilities.” Other project partners include Husky Oil Operations Ltd., Canadian Natural Resources Ltd., Shell Canada Energy, Nexen Energy ULC, and Devon Canada Corp.

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Economic Ft Mac

Fort MacMurray Economic Facts and Figures

The economy of Fort MacMurray depends on several things, and one of the biggest economic sectors in the region is oil production and refining because of the Athabasca oil sands close by. There are a number of oil and energy companies with plants and offices in this area. These companies include Nexen, Syncrude, Shell, CNRL, and Suncor Energy. Natural gas exploration, development, and recovery plays some part in the economy, and so does the necessary pipelines for oil and gas that must be installed. Forestry is also an economic player in Fort MacMurray because of the abundance of forest land and the remote location of the city. One factor of the local economy is tourism, which may seem surprising because of all the oil production, but visitors who have been in the region can quickly understand how tourism can offer economic support because of all the natural beauty.

The housing market in Fort MacMurray is somewhat expensive, especially when the remoteness of the city is considered. The demand for housing has skyrocketed in recent years, and some of the oil companies have had difficulty attracting qualified workers because of the higher than average home and cost of living expenses. Food costs are also a little higher than other remote areas, in part because of the extra transport costs and the other additional expenses involved. The robust economy in Fort MacMurray is going strong, and few economists predict that this will change any time in the near future because of the oil sands and the petroleum industry.

Categories
Economic

Fort MacMurray Economic Facts and Figures

The economy of Fort MacMurray depends on several things, and one of the biggest economic sectors in the region is oil production and refining because of the Athabasca oil sands close by. There are a number of oil and energy companies with plants and offices in this area. These companies include Nexen, Syncrude, Shell, CNRL, and Suncor Energy. Natural gas exploration, development, and recovery plays some part in the economy, and so does the necessary pipelines for oil and gas that must be installed. Forestry is also an economic player in Fort MacMurray because of the abundance of forest land and the remote location of the city. One factor of the local economy is tourism, which may seem surprising because of all the oil production, but visitors who have been in the region can quickly understand how tourism can offer economic support because of all the natural beauty.

The housing market in Fort MacMurray is somewhat expensive, especially when the remoteness of the city is considered. The demand for housing has skyrocketed in recent years, and some of the oil companies have had difficulty attracting qualified workers because of the higher than average home and cost of living expenses. Food costs are also a little higher than other remote areas, in part because of the extra transport costs and the other additional expenses involved. The robust economy in Fort MacMurray is going strong, and few economists predict that this will change any time in the near future because of the oil sands and the petroleum industry.