Suncor Syncrude Project To Be Fully Operational June Onward
Zacks Investment Research | Apr 19, 2017 09:21PM ET
Canadian mining giant Suncor Energy Inc. (NYSE:SU) announced that the Syncrude oil sands project in Canada will resume production at its full potential by the end of June. We would like to remind investors that Syncrude’s production was suspended due to a fire on Mar 14.
Suncor announced that the damage caused by the fire was not extensive and was mostly confined to a pipe rack near the hydrotreater. However, one worker was seriously injured in the incident.
Suncor, with its 54% stake, is the majority owner of Syncrude. The company stated that the pipeline shipments will resume operation at 50% capacity in early May and by the end of June production will reach its full potential. Syncrude is expected to produce 5.3 million barrels in May and 6.6 million barrels in June. Interestingly, the plant has potential to deliver nearly 11 million barrels per month.
Syncrude is a joint venture producing synthetic crude oil from oil sands. Located in Canada outside Fort McMurray in the Athabasca Oil Sands, it has the capacity of producing 350,000 barrels of oil per day, which is equivalent to about 13% of Canada's consumption. Syncrude has around 5.1 billion barrels of proven and probable reserves.
Suncor believes that the Original post
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