Close 

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.


To access this Article, go to:
http://www.ogj.com/content/ogj/en/articles/2011/12/canadian-oil-sands-to-double-spending-on-syncrude-during-2012.html