Suncor Unveils Ambitious Expansion Plans to Replace Aging Oilsands Mine
Suncor Energy Inc., one of Canada's largest oil companies, is under pressure to resolve its long-standing challenge. The company's Base Plant in the oilsands will need a new supply of bitumen by the mid-2030s when the existing mine is expected to be depleted.
CEO Rich Kruger revealed Suncor's growth strategy at the company's annual investor day, which includes proposed expansion projects that could dramatically boost production. These projects would not only replace its Base Plant mine but also increase output by a significant margin.
The most significant sources of production growth would be two key projects: an expansion of Suncor's Firebag operations and another property called Lewis, both northeast of Fort McMurray. The company already has regulatory approvals to develop Lewis and is seeking permission to nearly double thermal production at Firebag.