Steve Williams, President and Chief Executive Officer at Suncor, said: “We’re pleased to acquire this additional interest in the Syncrude joint venture. This transaction is a strategic fit for our portfolio given the quality of the resource, our existing interest in Syncrude and the potential for value creation. It’s consistent with our focus on capital and operational discipline and builds on our successful acquisition of Canadian Oil Sands, increasing our production capacity by 17,500 barrels per day of high-quality light sweet synthetic crude. This growth gives us even more leverage to oil prices as they recover.”
Through this transaction Suncor’s share in the Syncrude joint venture will increase from 48.74 percent to 53.74 percent. With the increased stake in Syncrude and the Fort Hills and Hebron projects on target for first oil late next year, Suncor expects to profitably grow production by over 40 percent versus 2015, reaching 800,000 barrels per day in 2019.
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