Suncor Updates Firebag, Terra Nova Operations

Suncor Energy on Thursday provided an update on its Firebag in situ facility, Oil Sands Base plant, and the Terra Nova floating, production, storage and offloading (FPSO) facility.

The company reports that it has achieved first oil throughput at its Firebag 4 facility. Firebag 4 was safely commissioned during the third quarter, approximately three months ahead of the original schedule. The Firebag complex exited the month of November producing approximately 130,000 barrels per day (b/d).

As a result of unplanned maintenance in early November at Suncor's Oil Sands Base plant, November oil sands production was lower than anticipated averaging approximately 312,000 b/d. Maintenance issues have been successfully resolved and the oil sands plant exited the month producing in excess of 380,000 b/d. No significant maintenance is planned for the month of December and the company expects the facility to produce at full rates for the remainder of the year. Despite the maintenance issues in November, it is expected that oil sands production for 2012 will be at the lower end of the guidance range of 325,000 to 340,000 b/d.

Production numbers include upgraded sweet and sour synthetic crude oil and diesel as well as non-upgraded bitumen sold directly to the market from all Suncor-operated facilities. Reported volumes do not include Suncor's proportionate production share from the Syncrude joint venture.

In the exploration and production business, the Terra Nova FPSO facility operating offshore Newfoundland and Labrador is in the final stages of commissioning in preparation for start-up following planned maintenance. The FPSO is expected to return to full production rates around the end of December.

Suncor expects total production to be within the company's annual guidance range of 540,000 to 580,000 barrels of oil equivalent per day.


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