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Canadian Oil Sands to spend $1.46B on Syncrude

Canadian Oil Sands Ltd. expects to spend $1.46 billion on its stake in the Syncrude oil project in 2012 as it boosts production at the operations.


December 8, 2011
by CANADIAN PRESS

CALGARY: Canadian Oil Sands Ltd. expects to spend $1.46 billion on its stake in the Syncrude oil project in 2012 as it boosts production at the operations.

The Calgary-based company, which owns a 37% stake in the Syncrude oilsands mine north of Fort McMurray, Alta., said production is targeted at 106 million to 117 million barrels in 2012.

Canadian Oil Sands has been moving forward with plans to increase production at Syncrude. About $974 million will go towards major infrastructure projects that the company said should improve efficiency and environmental performance at Syncrude’s operations.

Syncrude is the world’s largest oil sands project and a major source of oil for Canadian and US markets.

Syncrude’s other owners include Imperial Oil Ltd., Nexen Inc., Suncor Energy Inc., China’s Sinopec, Mocal Energy Ltd. and Murphy Oil Co. Ltd.

© 2011 The Canadian Press