Suncor charts oil sands growth

摘要

Canadian integrated firm Suncor Energy is bucking the trend in the oil sands sector as it invests for continued growth despite lower oil prices. Suncor will become the majority stakeholder in the Syncrude oil sands project in Alberta, after agreeing last month to buy a 5pc interest from US firm Murphy Oil for C$937mn ($747mn). The acquisition will boost Suncor’s share of Syncrude to 53.74pc and is expected to close by the end of the second quarter. The agreement comes on the heels of Suncor’s purchase of rival Canadian Oil Sands (COS), which closed in the first quarter and gave Suncor the 36.74pc of the Syncrude venture that belonged to COS. With the increased stake in Syncrude and two large projects-the Fort Hills oil sands and the Hebron project offshore eastern Canada-on target to begin production late next year, Suncor expects to grow crude output to 800,000 b/d by 2019, up by 40pc from 2015.