Suncor Energy Inc. expects its 2024 upstream production to reach 770,000-810,000 b/d, a 7% increase from 2023.
The production increase reflects continued strong existing asset performance, 100% ownership of Fort Hills, changes to the makeup of its exploration and production portfolio—including the sale of its UK North Sea assets—and a full year of production from Terra Nova, the company said in a release last week.
In October, Suncor agreed to purchase TotalEnergies EP Canada Ltd., which holds a 31.23% working interest in the Fort Hills oil sands mining project in Alberta’s Athabasca region for $1.468 billion (Can.) (US$1.1 billion) (OGJ Online, Oct. 4, 2023). The acquisition adds 61,000 b/d of net bitumen production capacity and 675 million bbl of proved and probable reserves to Suncor’s existing oil sands portfolio.
In November, Suncor restarted the Terra Nova floating production, storage, and offloading (FPSO) following completion of the Terra Nova Asset Life Extension project offshore Newfoundland and Labrador (OGJ Online, Nov. 27, 2023). Production is expected to ramp up over the coming months.
In March, Suncor agreed to sell Suncor Energy UK Ltd., which includes Suncor’s non-operated offshore interests in the North Sea, to Equinor UK Ltd. in a deal valued at $1.2 billion (Can.) (OGJ Online, Mar. 3, 2023).
For 2024, Suncor expects refining utilization of 92-96%.
Suncor's 2024 capital program of $6.3-6.5 billion (Can.) reflects both sustaining and economic capital, including capital for mining fleet upgrades at both Fort Hills and Base Mine, the replacement of the Upgrader 1 coke drums at Base Plant, completion of the Base Plant co-generation project, the continued development of the West White Rose and Syncrude Mildred Lake West Mine Extension projects, the company said.
