LATEST NEWS 
April 28, 2006
Oilsands project on time, budget
CALGARY
Canadian Natural Resources Ltd. says its massive Horizon oilsands project remains on track in terms of time and within its $6.8-billion budget despite the hurdles of a tight construction labour market and higher energy prices.
The major oilsands developer said it has met some major construction milestones sooner than expected.
“While our progress to date, which has been achieved despite numerous challenges, remains on budget and ahead of schedule, we recognize there will be continued challenges due to the high level of economic activity currently being experienced in Alberta and as a result of last fall’s strategic decision to defer the award of several contracts,” Canadian Natural Resource senior vice-president Real Doucet said.
“Still, some project costs are now forecast to be higher than budgeted. Construction fuel costs associated with natural gas are $44 million higher than budget, and those associated with diesel are $36 million higher than budget, both due to higher commodity prices existing in today’s environment,” Doucet said.
“We are still within our $6.8-billion cost estimate and are continuing to meet the challenges associated with managing the Horizon Project.”
During the first quarter, the company said it completed 60 per cent of detailed engineering model reviews in all areas, as well as hazard and operability reviews for all plants.
It awarded more than $200 million in contracts and purchase orders and delivered four 400-tonne coke drums to the site.
CANADIAN PRESS
| MOST POPULAR STORIES |
- Police probe death at York Street construction site
- Ontario’s apprentice ratio dispute continues to be split along union, non-union lines
- Early LEED advocates were ‘pioneers,’ ACEC president says
- Hard Rock contracting companies fined over worker injuries
- Two Ontario firms win Canadian Architect Awards of Excellence
- 20 Most Popular Stories
| CURRENT STORIES |
- EllisDon keeps moving up at the Ritz-Carlton
- Insulation association lobbies for inclusion of best practices in National Building Code
- Bulldozer fatality halts work at Anatolia Minerals’ Copler gold project
- Canadian economy heads south for the winter
- Homicide charge laid in N.Y. crane collapse
- McKay-Cocker chooses Viewpoint software to integrate operations
- Great Lands digs deep at the Mona Lisa
- U.S. investors drop stakes in proposed TransCanada pipeline
- Aecon named one of Canada’s 10 Best Employers
- Solar module maker Day4 Energy lays off 95 workers
| ALEX’S BLOG |
Reed Construction Data Chief Economist Alex Carrick discusses current developments in Canada's economic environment. He also shares light-hearted reflections on life and current events.
Economics Blog More 
- Spotting the U.S. and Canadian Recoveries – Earliest Indicators (January 6, 2009)
- TYBA Projects (January 5, 2009)
- Ottawa’s Spending and Canada in Afghanistan (December 30, 2008)
Lifestyle Blog More
- The Perils of Driving in the White Stuff (December 29, 2008)
- Economics Humour – Take my Dismal Science, Please (December 22, 2008)
| PROJECT NEWS BRIEFS |
Updates on Canadian construction projects from Reed Construction Data’s research team. More
- Vanbots begins work on Thompson Rivers University’s House of Learning (Jan 6, 2009)
- City of Thompson plans new water treatment plant (Dec 30, 2008)
- Quadrangle Architects begins working drawings for new phase of Downtown Markham development (Dec 16, 2008)
- Designs for new Corrections Canada office set to begin (Dec 15, 2008)
- Haastown Holdings ready to accept subtrade pricing for Waterscape phase one (Dec 15, 2008)
