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Suncor remains focused on profitable growth. In the past year, we’ve successfully acquired Canadian Oil Sands Limited’s and Murphy Oil’s ownership shares in the Syncrude joint venture, increasing our interest to 53.74 per cent. We also have made significant progress on the Fort Hills mining project and acquired an additional 10% working interest in the project in 2015. First oil is targeted for the fourth quarter of 2017. To date, we have achieved all critical milestones according to plan and construction is more than 50% complete.
We are also making significant progress on our growth projects in Exploration and Production:
- The Golden Eagle Area Development ramped up to full production rates in 2015.
- Development of the Hebron project continued in 2015, with first oil expected in late 2017.
Preserving energy and economic growth opportunities for the future
In response to the continued lower crude price environment, we have elected to defer some capital spending. This means that projects such as MacKay River 2 and the White Rose Extension will await more favourable market conditions. We’ll carefully stage these projects so that when the time comes to bring them back into development, previously invested capital will be preserved.
Expanding market access
Growth requires access to markets. We’re well-positioned with more than 600,000 barrels per day of takeaway capacity for our Oil Sands production. Key 2015 highlights include:
- Enbridge’s line 9 reversal was commissioned during 2015 with the first delivery of crude to Suncor’s Montreal refinery in December. The reversal provides us with the flexibility to supply our Montreal refinery with a full slate of inland priced crudes.
- Optimization of our midstream assets added approximately $2 per barrel in value to our Oil Sands production
Read more about market access
2016 capital spending plan and production outlook
For corporate guidance on 2016 capital spending and anticipated production, please visit Suncor.com/guidance