Suncor Energy Inc. has declared that it will postpone substantial investments in securing additional bitumen supply for its Base Plant oilsands mine for the following five years. The Calgary-based company has been exploring alternatives to sustain the supply of heavy, viscous oilsands crude to its Base Plant upgrading facilities located north of Fort McMurray, Alberta. The company anticipates that the Base Plant oilsands mine will be mostly depleted by the mid-2030s. To address its supply concerns, Suncor has proposed a new open-pit oilsands mine expansion with a capacity of 225,000 barrels per day, but it is unclear whether such a project would receive regulatory approval. During an investor presentation on Tuesday, Suncor executives expressed their belief that the company has various options for securing additional bitumen sources and will take their time in evaluating them. They emphasized that investors should not anticipate significant spending in this area until the end of the decade.
Suncor Defers Investments in Bitumen Supply Replacement
