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Tuesday 24th. November 2020, 9:30 a.m.
« This is a significant strategic opportunity for Syncrude and the joint venture owners, » said Mark Little, President and CEO of Suncor. “We believe this transition will help build on progress made to date and unleash significant value. By using the collective strength of our regional activities, synergies of 300 million. CAN dollars per year expected, making Syncrude even more competitive regionally and globally as we work together to bring Syncrude cash operating costs per barrel of 30 CAN dollars / barrel (23 US dollars / barrel). bbl) and achieve a utilization of 90%. Initiatives like the Interconnect Pipelines have proven that by working together with a shared vision to improve operational performance and efficiency, we can do more. “The bidirectional pipelines between Suncor’s base facility and Syncrude operations, which are now complete and will be operational, provide improved integration and operational flexibility between the two facilities.
The addition of Syncrude operators to Suncor’s current operations – Fort Hills Limited Partnership, Suncors Oil Sands Base Plant, and Suncor’s In-Situ Assets – means a stronger regional operating model to make all assets more competitive.
« As neighbors, Syncrude and Suncor have had a close relationship and a long and proud history in the area for nearly fifty years, » added Little. “Many families have members who work on both farms, and both farms share a deep community commitment that works closely with the Wood Buffalo regional church and indigenous communities and partners. We can build on our collective strengths to become stronger together. ”
Suncor’s confidence in the Syncrude project and the opportunity to improve operational performance is reflected in Suncor’s strategy to increase its stake in Syncrude. Since 2016, Suncor has increased its stake from 12% to 58%. 74% through acquisitions.
Syncrude’s joint venture owners are Suncor (58). 74%), Imperial Oil Resources Limited (25. 0%), Sinopec Oil Sands Partnership (9. 03%) and CNOOC Oil Sands Canada (7. 23%).
Read the latest edition of Oilfield Technology in full for free: The November / December 2020 edition of Oilfield Technology
The November / December issue of Oilfield Technology begins with a review of the state of the North Sea before addressing a range of topics including drilling technologies, deep water operations and flow control.
AqualisBraemar provides advisory services to the offshore energy industry, including renewable energy and oil and gas, while LOC Group is an international marine and engineering consultancy.
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Syncrude, Suncor Energy, Imperial Oil, Ölsand, Mark S. . Little, Petroleum, Joint Venture
World news – CA – Suncor will take over Syncrude until the end of 2021
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