Suncor on Oct. 1 confirmed that it has assumed operatorship of the Syncrude Joint Venture, a critical step towards driving greater efficiencies and competitiveness across all Suncor-operated assets in the Regional Municipality of Wood Buffalo (RMWB).
The arrangement, which has the full support of the Syncrude joint venture owners and was initially announced in the fourth quarter of 2020, 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, Suncor president and CEO. “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% through acquisitions.
The Syncrude joint venture owners are operator Suncor (58.74%), Imperial Oil Resources Limited (25.0%), Sinopec Oil Sands Partnership (9.03%) and CNOOC Oil Sands Canada (7.23%).
Recommended Reading
Big Oil Doubles Profits in Blockbuster 2022
2023-02-08 - Big Western oil firms more than double profits to $219 billion as surges in revenue allowed them to reduce debt.
Indian Energy Company ONGC Videsh Eyes Oil, Gas 'Hot Spots' in Africa, LatAm
2023-02-08 - ONGC Videsh is looking to invest in Ghana and Surinam, according to managing director Rajarshi Gupta.
Will Hydrogen Bomb? And Other Ways Government Energy Spending Could Backfire
2023-02-08 - London energy sector advisor Dana Novakovic warns that insufficient investment in infrastructure could doom green energy initiatives and accelerate global recession.
BP Delivers Profits of $27.7 Billion in 2022
2023-02-07 - London-based BP Plc reported an underlying replacement cost profit of $27.7 billion in 2022 while reducing net debt to $21.4 billion and achieving an average return on average capital employed of 30.5%. In 2023, the company will remain focused on delivery of its financial frame underpinned by a $40/bbl balance point.
Strong Earnings, Promising Outlooks for Enterprise, Magellan, Hess Midstream
2023-02-07 - In a strong earnings season, Enterprise surpassed $9 billion in EBITDA, Magellan beat earnings per share guidance and Hess Midstream weathered a tough winter to please investors.