Patrick Dardis | RE/MAX Fort McMurray
Suncor
Suncor is one of the world leaders in mining and upgrading crude oil, with probable reserves of 302 million bpd. Since 1967, Suncor has produced over 700 million barrels of oil and has enough reserves to sustain production for the next 50 years. Suncor's Project Millennium is a $3 billion expansion of its oil sands business that has increased production capacity to 225,000 bpd. Construction of Stage One of Suncor's Firebag In-Situ Oil Sands Project is underway and is expected to supply Suncor's upgrader with 35,000 barrels of bitumen per day, supporting Suncor's plan to increase production to 260,000 barrels of oil per day in 2005. Future phases at Firebag are expected to increase production to 140,000 barrels of bitumen per day before the end of the decade. Suncor's newest venture, Voyageur, is an expansion that is expected to increase oil sands production to the range of 500,000 to 550,000 barrels of oil per day in 2010 to 2012. This 10-year development is expected to stimulate economic growth and provide long-term economic and social benefits in The Regional Municipality of Wood Buffalo, as well as the rest of Alberta and Canada. Suncor's projected capital spending for oil sands growth will be around $1 billion a year for the next 10 years. Responsible development is an integral part of the company's growth strategy. Suncor recognizes the need to reduce environmental impacts associated with ongoing development and use of hydrocarbon energy. Suncor also works closely with regional stakeholders, including Aboriginal and environmental groups and all levels of government, to address concerns related to its oil sands operations.
