Suncor to spend $7.5 billion on oilsands expansions in 2008
Suncor Energy of Calgary has approved massive capital spending plans for 2008, amounting to $7.5 billion. Of this t...
Suncor Energy of Calgary has approved massive capital spending plans for 2008, amounting to $7.5 billion. Of this total, approximately $6 billion, will be spent primarily on expanding production at the oil sands projects near Fort McMurray in northern Alberta.
Consulting engineering companies are heavily involved in providing engineering services for the oilsands corporations such as Suncor.
Rich George, president and chief executive officer of Suncor, said: “This year marks a major ramp-up of capital spending directed toward our goal of producing more than half a million barrels of oil per day.”
Included in Suncor’s spending plans is the construction of the North Steepbank mine extension (which is expected to replace bitumen from mined-out areas), and plans to maintain its Upgrader No. 1. It also has plans to build a third Upgrade and to buy equipment to control emissions. Safety upgrades of $225 million to be spent on its downstream operations, such as at its refinery in Sarnia, Ontario, are also in the works.
The company’s press release said it expects to sustain similar capital spending in the next few years.