The Lewis project would be located about 25 km northeast of Fort McMurray and could eventually produce up to 160,000 barrels a day.
Suncor Energy Mining News
Over the weekend, Syncrude completed the necessary repairs and start-up activities to begin shipping product by pipeline.
Pipeline shipments would restart at approximately 50% of capacity in early May.
The Frontier project is located 110 kilometres north of Fort McMurray, in Alberta, around 40 kilometres from the Fort McKay First Nation's reserve.
Suncor Energy, the largest partner in Syncrude, said it expects to meet its 2017 production targets despite a fire that shut down the Mildred Lake upgrader almost two weeks ago.
The firm, North America's No.1 producer of coking coal, benefitted from the price rally — steelmaking coal climbed 155.5% to $207 in the quarter.
Cost per barrel, however, will remain at about $84,000 per flowing barrel of bitumen.
Canada’s largest oil and gas company expects production to rise by more than 13% next year and spending to fall by more than $1 billion.
Suncor experienced a 50% reduction in incidents and a 3.5% productivity increase by training trucks operators using both computer-based and hands-on tools.
Sale includes PCLI's production and manufacturing centre in Mississauga, Ontario and the global marketing and distribution assets held by PCLI including its global offices.
Edmonton-based group aims to re-train 1,000 jobless workers into solar panel installers by 2018.
The Canadian oil giant lowered capital spending plan to between $6bn and $6.5bn from a November estimate of $6.7bn to $7.3bn.
After months of hostile rhetoric, the two Calgary-based companies have reached a takeover agreement.
The company is asking Suncor to disclose details of how shareholders reacted to its bid before last week’s deadline had to be extended until Jan. 27.
The takeover bid expires on Friday.
“Hope is still not a strategy,” Suncor wrote in a letter to Canadian Oil Sands’ shareholders, stressing there was “little time” left.
A hard cap on oilsands emissions was the product of secret negotiations between four top oilsands companies and four environmental organizations.
The company, currently the target of a $4.3 billion takeover bid by Suncor, unveiled a pared-back capital budget that cuts spending by 20% year-over-year to $295 million in 2016.
The poison pill provision must expire by Monday, Jan. 4, 2016.
Canada's dominant oil sands player, however, plans to spend about $900 million more next year.
Suncor, Canada's dominant oil sands player, telling COS shareholders the firm has a record of “underperformance, financial challenges,” and vulnerability to low oil prices.
Suncor steeped up its hostile Cdn$4.3bn bid for COS by asking the Alberta Securities Commission to strike down the target’s rights plan to prevent a takeover.
The company, Canada’s largest pipeline operator, reported a loss in the third quarter driven by both delays in completing its Line 9 project and one-time charges.
The company said Suncor Energy’s hostile takeover offer was "undervalued, opportunistic and exploitive."
The project is expected to boost output in northern Alberta by 180,000 barrels a day, with production set to begin by the fourth quarter of 2017.