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Suncor (SU) Cuts Oil Supplies From Alberta Oil Sands Facility

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Suncor Energy’s SU joint venture Syncrude Canada Ltd. reduced oil supplies as a result of a mechanical turmoil at its oil sands site in Alberta, per a report by Bloomberg.

The company has a majority ownership in Syncrude, while Imperial Oil Limited IMO, China Petroleum and Chemical Corporation SNP, and CNOOC Limited are minority partners in the joint venture.

Canada is the world’s fourth-largest oil producer and Syncrude is one of the largest operators in the country's oil sands industry, with 50 years of effective operations and continuous innovation. Syncrude’s capacity of up to 360,000 barrels per day (bpd) constitutes about 10% of the country’s supply.

The facility, which upgrades mined bitumen from the oil sands of northern Alberta into light synthetic crude oil, produced nearly 275,000 bpd between January and May. Earlier this month, Syncrude owners delivered a force majeure........

© Entrepreneur

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