It will be more than five years before Suncor Energy Inc. makes any significant investments to secure new bitumen supply, the Calgary-based oil company said Tuesday.Calgary-based Suncor Energy Inc. has spent a number of years exploring options to sustain the supply of oilsands crude to its Base Plant upgrading facilities north of Fort McMurray, Alta. It will be more than five years before Suncor Energy Inc.
"Some early development spending will be starting in this time frame, but a significant spend will not be until towards the back end of the decade." To solve its supply problem, Suncor has proposed a new, 225,000 barrel-per-day, open-pit oilsands mine expansion, which would be located adjacent to its existing Base Plant operations.
Motivated in part by the chance its Base Mine project will not be approved, Suncor last year signed a $6.1-billion deal to purchase French company Total Energies' stake in the Fort Hills oilsands project about 90 kilometres north of Fort McMurray. The company said the fact its Fort Hills site is connected by pipeline to the Base Plant offsets some of the short-term supply pressure. It said in the interim, it will work to optimize that pipeline to obtain maximum efficiency.
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