Suncor, Calgary, pending formal approval from Syncrude joint venture partners, will become operator of the oil sands project by end-2021.
Adding Syncrude operatorship to the company’s current operations—Fort Hills LP, Suncor’s Oil Sands Base Plant, and Suncor’s in situ assets—are expected to drive $300 million (Can.) in annual synergies, Suncor said Nov. 24.
Bidirectional pipelines connecting Suncor’s base plant and Syncrude’s operations are complete and being commissioned, said Mark Little, Suncor president and chief executive officer.
Cumulative Syncrude production currently exceeds 3 billion bbl.
Suncor holds 58.74% interest in the project. Partners are Imperial Oil Resources Ltd. (25.0%), Sinopec Oil Sands Partnership (9.03%), and CNOOC Oil Sands Canada (7.23%).