On this page:
Suncor remains focused on profitable growth. In 2016, we successfully acquired Canadian Oil Sands Limited and Murphy Oil Company Limited’s interest in Syncrude, increasing our interest to 53.74%. We have also 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.
We are also making significant progress on our growth projects in Exploration and Production:
- acquired 30% participating interest in the U.K. North Sea Rosebank project
- development of the Hebron project continued in 2016, 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 McKay 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.
Growth requires access to markets. We’re well positioned with more than 750,000 barrels per day of near-term North American market access. Key 2016 highlights include:
- Supply and Trading expanded Suncor’s international presence in 2016, identifying new customers for proprietary crude and increasing international trading activity.
- Oil Sands base growth capital of $418 million was primarily attributed to construction of the East Tank Farm Development, which will support market access for Fort Hills bitumen.
Read more about market access
2017 capital spending plan and production outlook
Learn more about our corporate guidance on 2017 capital spending and anticipated production