Start Your Engines: Suncor CEO Marks Official “Restart” in Oil Sands Growth
Suncor Energy, Canada’s largest energy company by market capitalization, will spend $1.4 billion next year on efforts to boost oil sands production. In short, the company is sending a message: the oil sands are back. Not that Canada’s vast and murky mix of bitumen, sand, clay and water had disappeared. Canada’s estimated 173 billion barrels of hard-to-reach oil has been sitting pretty, waiting for a global recession to end, crude prices to rise and operating costs to fall. That dim view has brightened lately for the oil sands industry, with crude prices above $75 a barrel, falling operating costs and Korea National Oil Corp.’s acquisition of oil sands company Harvest Energy. Now Suncor is starting up projects that have been on hold for months. Suncor, which…
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