Canada's Suncor sinks cash into production

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CALGARY, Alberta, Dec. 4 (UPI) -- Canadian energy company Suncor announced its capital spending plans for 2013 included a 12 percent growth rate for oil sands production.

Suncor said it was planning $7.3 billion in capital spending for 2013. For next year, the company said it aimed to produce as much as 620,000 barrels of oil equivalent per day, which represents an 8 percent overall production increase and a 12 percent increase in oil sands production compared to current levels.

"We will continue to maintain a relentless focus on operational excellence and reliability in order to maximize the value from Suncor's broad portfolio of assets," Steve Williams, Suncor president and chief executive officer, said in a statement.

Suncor said it was spending $1.2 billion to support near-term production growth targets in oil sands The company said it expected to produce as much as 380,000 bpd from oil sands next year.

In October, the company said its Firebag oil sands facility in Alberta hit design capacity of about 120,000 barrels per day.

Stage 3 of the facility went online in August and has since exceeded initial expectations. First oil from a fourth stage of the facility is expected by the end of the year, there months ahead of schedule and 10 percent under budget.