By OGJ editors
HOUSTON, Feb. 1 -- Suncor Energy Inc., Calgary, has approved a $7.5 billion (Can.) capital spending budget for 2008, about 80% of which will target growth in oil sands projects.
The funds will enable the expansion this year of in situ bitumen production capacity to 350,000 b/d and support future construction of a third upgrader to increase oil sands production capacity to 550,000 b/d in 2012.
Another $1.5 billion is allocated for existing operations. About $1.2 billion of that will enable construction of Suncor's North Steepbank mine extension (which will replace bitumen from mined-out areas), a planned maintenance shutdown of Upgrader 1 in the second quarter, projects to improve reliability and productivity of oil sands assets, and emissions-control equipment.
About $275 million also will support production of 205-215 MMcfd of gas equivalent in 2008.
Downstream plans this year call for $225 million for sustaining operations following growth projects at two refineries during the past 2 years at Sarnia, Ont., and Commerce City, Colo.
