Suncor expects 'strong year' for oil production

CALGARY, Alberta, Nov. 21 (UPI) -- Suncor Energy Chief Executive Officer Steve Williams said his company is set for a strong year in 2014 in terms of oil sands production.

"We're set for a strong year of continued production growth," he said in a statement Wednesday.


Suncor said it would spend $7.8 billion next year, about half of which would go toward projects like its Fort Hills oil sands project in northern Alberta.

The company said it expects oil sands production to increase next year, which would offset the production loss from the sale of some of its assets in 2013. Exploration and production from its Canadian assets should result in the total production next year of at least 53,000 barrels of oil equivalent per day.

"We will be diligent in pursuing only those projects we believe will deliver long-term shareholder value," Williams said. "This approach applies not only to how we view oil sands investments, but also to other opportunities in our rich suite of growth projects."

Suncor added it would designate $220 million next year to support inland crude oil supply to a refinery in Montreal, Quebec.


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