Suncor Energy Receives Board Approval for Increasing Oil Production
Posted on: Friday, 1 February 2008, 09:00 CST
Calgary-based integrated energy firm Suncor Energy has announced that its board of directors has given it the final approval for a C$20.6 billion investment that is expected to boost crude oil production at the company's oil sands operation, located north of Fort McMurray, by 200,000 barrels per day.
Suncor said that the board's decision is a key step in achieving its long-term goal of increasing its crude oil production capacity to 550,000 barrels per day in 2012.
The company said that the expansion is designed to be completed in a phased manner. Mechanical completion of the new upgrader is expected to be completed in 2011, while bitumen feed from the new stages of in-situ production is expected to begin operation in 2009 to 2011.
Crude oil production is expected to begin ramping up in late 2011, with full production capacity of 550,000 barrels per day expected to be achieved in 2012.
The capital required to fund the expansion is expected to be financed through cash flow from operations, credit facilities and access to debt capital markets.
Source: Datamonitor
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