The Lewis project, located approximately 25 kilometres northeast of Fort McMurray in northern Alberta, will be developed in stages and produce for an estimated 25-40 years.

Suncor said it has not yet formally sanctioned the project, but if it goes ahead construction could begin in 2024, with first steam being pumped into the reservoir to liquefy and extract tarry bitumen in 2027.

The Calgary-based company also said it is exploring new technologies to develop the Lewis resource, such as using solvents or electromagnetic heating instead of steam for bitumen extraction.