Suncor Energy provides update on Firebag operations

abarrelfullabarrelfull wrote on 03 Mar 2014 12:21
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Suncor Energy's Firebag oil sands facility has reached full design capacity of nearly 120,000 barrels per day (bbls/day). First oil at stage 3 of the facility was brought online in August of last year and with the application of infill well technology, the pace of production ramp-up at Firebag stage 3 exceeded previous expectations. Production at the Firebag complex averaged 113,000 bbls/day in the third quarter of 2012, with exit rates of approximately 120,000 bbls/day. Quarterly production was up over 100% from last year's third quarter production of approximately 55,000 bbls/day.

In addition, the Firebag stage 4 facility was safely commissioned during the third quarter of this year and steaming of the wells has begun. First oil is expected by year end, approximately three months ahead of the original schedule, and the project is approximately 10% under the current budget estimate of $2 billion.

"We're seeing strong results from our disciplined focus on management of cost and quality - an excellent example of our commitment to create value for investors," said Steve Williams, Suncor president and chief executive officer.

The expected total production from the Firebag complex will rise to approximately 180,000 bbls/day once stage 4 reaches full planned capacity. There is significant integration between Firebag stages 1 through 4 allowing operational flexibility to optimize production, maintenance, reliability and costs.

"The Firebag resource continues to provide among the most productive wells in the industry from one of the largest resource basins in the world," continued Williams. "Firebag is a high quality asset and a crucial component of our Oil Sands portfolio."


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