Suncor assumes operatorship of Syncrude
October 01 2021 - 5:45AM
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%).
Legal Advisory – Forward-Looking
Information
This news release contains certain forward-looking
information and forward-looking statements (collectively referred
to herein as “forward-looking statements”) within the meaning of
applicable Canadian and U.S. securities laws. Forward-looking
statements in this news release include statements and expectations
regarding Suncor assuming operatorship of the Syncrude Joint
Venture, including the expectation that Suncor will work to improve
operating performance and unlock significant value. Forward-looking
statements are based on Suncor’s current expectations, estimates,
projections and assumptions that were made by the company in light
of its information available at the time the statement was made and
consider Suncor’s experience and its perception of historical
trends, including expectations and assumptions concerning: the
accuracy of reserves estimates; the current and potential adverse
impacts of the COVID-19 pandemic; commodity prices and interest and
foreign exchange rates; the performance of assets and equipment;
capital efficiencies and cost savings; applicable laws and
government policies; future production rates; the sufficiency of
budgeted capital expenditures in carrying out planned activities;
the availability and cost of labour, services and infrastructure;
the satisfaction by third parties of their obligations to Suncor;
the development and execution of projects; and the receipt, in a
timely manner, of regulatory and third-party approvals.
Forward-looking statements are not guarantees of
future performance and involve a number of risks and uncertainties,
some that are similar to other oil and gas companies and some that
are unique to Suncor. Suncor’s actual results may differ materially
from those expressed or implied by its forward-looking statements,
so readers are cautioned not to place undue reliance on them.
Suncor’s Management's Discussion and Analysis for
the second quarter of 2021 dated July 28, 2021, its Annual
Information Form and Annual Report to Shareholders, each dated
February 24, 2021, Form 40-F dated February 25, 2021, and other
documents Suncor 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 6th
Avenue S.W., Calgary, Alberta T2P 3E3, by calling 1-800-558-9071,
or by email request to invest@suncor.com or by referring to the
company’s profile on SEDAR at sedar.com or EDGAR at 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. 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.
For more information about Suncor, visit our web
site at suncor.com, follow us on Twitter @Suncor
Media inquiries: 1-833-296-4570
media@suncor.com
Investor inquiries: 800-558-9071
invest@suncor.com
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