Suncor appears to be like to 2022 as Fort Hills ramps up

The Fort Hills undertaking will add 85,000 to 100,000 bbl/d to Suncor’s backside line because the second prepare is introduced into steady manufacturing and an anticipated utilization of 90%. The upper manufacturing fee is anticipated to cut back money working prices by about 40%, to between C$23 and C$27 per barrel.

Situated 90 km north of Fort McMurray, Alberta, the Fort Hills mine is owned 54.11% by Suncor, 24.58% by TotalEnergies, and 21.31% by Teck Sources.

Subsequent yr would be the first full yr that Suncor is the operator on the Syncrude undertaking. The steerage for manufacturing is between 175,000 and 190,000 bbl/d, about 5% increased than 2021. Manufacturing and money working prices are anticipated to drop by 3% to C$31 to C$34 per barrel.

Possession of Syncrude is split amongst Suncor (58.75%), Imperial Oil (25%), Sinopec (9.03%), and CNOOC (7.23%). Suncor grew to become operator of the undertaking on Oct. 1, 2021.

Suncor additionally estimated that its oilsands operations would get a capital injection of between C$3.2 billion and C$3.5 billion upstream expenditure. The corporate has proposed an extension of the Base mine to 225,000 bbl/d, the Mildred Lake extension, changing the coke boiler on the base plant, advancing the event of the Lewis in situ undertaking, and the proposed Meadow Creek stem assisted gravity drainage  undertaking (a three way partnership with CNOOC).

Suncor is proprietor and operator of the Millennium, North Steepbank and base mines in addition to operator for the Fort Hills and Syncrude joint ventures, all of that are open pit mines. It additionally operates the Firebag and MacKay River SAGD operations, and it might function about he proposed Meadow creek and Lewis SAGD initiatives.

(This text first appeared within the Canadian Mining Journal)


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