Point of View: Suncor's George: Oil sands a long-life, low-risk resource

03/15/2004
In addition to its existing oil sands mine and upgrader near Fort McMurray, Alta., Calgary-based Suncor Energy Inc. toward yearend 2003 began in situ production of bitumen with steam-assisted gravity drainage (SAGD) about 25 miles northeast of its existing oil sands plant.Suncor CEO and Pres. Rick George sees the project as the latest element in the company's strategy to focus on an extremely long life, low risk, and relatively low-cost commodity: Canada's massive oil sands resources.Suncor completed construction of the surface facilities and wells in the $460 million first phase of the SAGD Firebag project in 2003 and expects to produce about 35,000 b/d of bitumen by mid-2005. It...
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