Suncor assumes operatorship of Syncrude

Suncor assumes operatorship of Syncrude
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CALGARY – Suncor today 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 chief executive officer. “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%).

Suncor Energy is Canada’s leading integrated energy company, with a global team of over 30,000 people. Suncor’s operations include oil sands development, production and upgrading, offshore oil and gas, petroleum refining in Canada and the US, and our national Petro-Canada retail distribution network (now including our Electric Highway network of fast-charging EV stations). A member of Dow Jones Sustainability indexes, FTSE4Good and CDP, Suncor is responsibly developing petroleum resources, while profitably growing a renewable energy portfolio and advancing the transition to a low-emissions future. Suncor is listed on the UN Global Compact 100 stock index. Suncor’s common shares (symbol: SU) are listed on the Toronto and New York stock exchanges.

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