Suncor Energy Inc. (SU) , Canada’s largest energy company by market value, will proceed with the C$13.5 billion ($12.9 billion) Fort Hills oil sands project as it seeks to increase production. The venture with Total SA (FP) and Teck Resources Ltd. (TCK/B) will begin producing crude in 2017, adding 180,000 barrels a day of output in northern Alberta , the company said yesterday in a statement. Calgary-based Suncor’s share of the costs will be C$5.5 billion. The approval comes after Chief Executive Officer Steve Williams earlier this year canceled another venture with Total in a bid to reduce costs and boost profitability. Fort Hills, which had initially been slated to start in 2016, has 3.3 billion barrels of reserves and will produce oil for about 50 years, the company said. “This project will be a significant source of long-term cash flow for the company and contribute strong returns for […]