Suncor assumes operatorship of Syncrude
Maryam FaragBusiness Operations Economy Oil & Gas Business Canada COVID-19 energy JV oil Suncor Syncrude
Suncor has assumed operatorship of the Syncrude joint venture, across all Suncor-operated assets in the Regional Municipality of Wood Buffalo (RMWB).
The arrangement reflects Suncor’s confidence in the Syncrude asset and is part of a multi-year strategy to improve its operational performance, efficiency and competitiveness.
“In 2016 we acquired the interest of Canadian Oil Sands and since that time have continued to work with the other owners to find ways to capture increased value,” said Mark Little, President and CEO, Suncor. “Since the plan to assume operatorship was announced late last year, we’ve worked closely with the Syncrude team as well as the other joint venture owners to ensure a smooth transition of operatorship. Today marks a new chapter for the Syncrude project and by capitalizing on the collective strength of all of the Suncor-operated assets in the RMWB, we’ll work to improve operating performance and unlock significant value.”
In the RMWB, Suncor operates its Oil Sands Base Plant, in situ assets Firebag and McKay River, as well as joint venture assets Fort Hills Limited Partnership and Syncrude. Since 2016, Suncor has grown its ownership in Syncrude from 12 to 58.74 per cent through acquisitions.
The Syncrude joint venture owners are operator Suncor (58.74 per cent), Imperial Oil Resources Limited (25.0 per cent), Sinopec Oil Sands Partnership (9.03 per cent) and CNOOC Oil Sands Canada (7.23 per cent).