ConocoPhillips (NYSE: COP) reported Tuesday it will expand its Surmont oil production project in Canada into a second phase, according to Associated Press.
ConocoPhillips now expects production capacity to jump to 110,000 barrels per day from 27,000. Phase two of the project is slated to begin later this year. Production is scheduled to begin in 2015.
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Surmont is operated by ConocoPhillips Canada and is a 50/50 joint venture with Total E&P Canada. Surmont is located 63 miles southeast of Fort McMurray, Alberta, in the Athabasca oil sands region.
Shares of ConocoPhillips rose 69 cents to $53.71 at Tuesday’s close.
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