Suncor’s oil sands mining projects are projected to produce a reliable, long-term energy supply while leveraging technology to minimize environmental and social impacts of resource development in the Athabasca region.
Suncor's oil sands mining operations are located near Fort McMurray in northern Alberta and includes both the Millennium and North Steepbank sites. Additionally, Suncor has the Voyageur South mining lease, a joint venture partnership with Total to develop the Fort Hills and Joslyn oil sands mining projects, as well as a 54% interest in the Syncrude development.
Voyageur South mine
The Voyageur South mine is a longer-term project to extend Suncor's mining operations. It is expected to produce 250,000 barrels per day of bitumen during its estimated 28-year operational life.
The Fort Hills project is located in Alberta’s Athabasca region, 90 kilometres north of Fort McMurray and is recognized as one of the best undeveloped oil sands mining assets in the region. Suncor holds a 50.8% interest in the Suncor-operated project, currently in development with joint venture co-venturers Total E&P Canada and Teck Resources Ltd. The project is scheduled to produce first oil as early as the fourth quarter of 2017 and achieve 90% of its planned production capacity of 180,000 barrels per day within 12 months. The mine life is expected to be in excess of 50 years at the current planned production rate.
Suncor also holds a 36.75% interest in the Total-operated Joslyn mining project, which is expected to have a production capacity of 160,000 barrels per day during its estimated 20-year operational life.
Following the completion of the Canadian Oil Sands acquisition in March 2016, Suncor increased its position from 12% to 54% interest in the Syncrude development, located north of Fort McMurray. The acquisition of COS will provide Suncor with an incremental 128,500 bbls/d capacity of sweet synthetic crude oil and the potential to integrate the Syncrude assets with Suncor’s Oil Sands assets.
Forward-looking statements in this publication include references to: the intention of Suncor and Total to develop the Fort Hills and Josyln oil sands mining projects (which is expected to have a production capacity of 100,000 barrels of bitumen per day; the expectation that Voyageur South will produce 120,000 barrels per day of bitumen during an estimated 40-year operational life; and the projection that the growth projects will ensure a reliable long-term energy supply while leveraging technology to minimize environmental and social impacts of resource development. These statements are not guarantees of future performance and involve a number of risks and uncertainties, and actual results may differ materially from those expressed or implied. Suncor’s most recently filed annual information form/Form 40-F, annual report and quarterly report to shareholders and other documents it files from time to time with securities regulatory authorities describe the risks, uncertainties, material assumptions and other factors that could influence actual results and such factors are incorporated herein by reference. Copies of these documents are available without charge from Suncor at 150-6 Avenue S.W., Calgary, Alberta T2P 3Y7, by calling 1-800-558-9071, or by email request to email@example.com or by referring to the company’s profile on SEDAR at www.sedar.com or EDGAR at www.sec.gov. Except as required by applicable securities laws, Suncor disclaims any intention or obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.