Canadian Oil Sands to double spending on Syncrude during 2012

Canadian Oil Sands Ltd. said its 2012 budget plans anticipate a $1.46 billion (Can) investment at the Syncrude Canada Ltd. oil sands project in Fort McMurray, Alta. Calgary-based Canadian Oil Sands holds 36.74% interest in Syncrude.

About $974 million of that investment will be spent on what Canadian Oil Sands calls “discrete, major infrastructure projects” to position Syncrude for 10-20 years of production while improving operational efficiency and environmental performance.

Canadian Oil Sands anticipates overall Syncrude production of 106-117 million bbl in 2012. After reducing its original 2011 budget for Syncrude because of work deferred, Canadian Oil Sands estimates it will have invested $691 million investment on Syncrude this year.

Syncrude’s partners include Imperial Oil Ltd., Suncor Energy Inc., Sinopec Corp., Nexen Inc., Mocal Energy Ltd., and Murphy Oil Co.

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