In a deal announced Wednesday this week, Suncor Energy and Teck Resources have increased their stakes in the Fort Hills Project.
This comes with the end of a dispute over construction costs.
The deal will increase Suncor's share in the project to 53.06% up from 50.8 percent. Meanwhile, Tecks, share has raised to 20.98 percent up from 20 percent.
The deal will also require Suncor and Teck to cover more of the project's $17 billion price tag. Suncor will be responsible for providing $300 million, while Teck will pay $120 million.
Suncor's CEO Steve Williams said in a statement that was "pleased to have reached this agreement" and weent on to say that the bigger stake is "arguably the best long-term growth project in our industry".
Suncor states that Fort Hills is more than 80 per cent operational and produced 6,000 barrels of oil per day during the last quarter. Once operational, the project is expected to be capable of producing 194,000 barrels per day.
"We're focused on completing a safe, reliable start up in the short term and the steady ramp up of production through 2018," Williams said.