Related Articles
Free access
Forward article link
Share PDF with colleagues

Energy Company of the Year - large cap, 2016: Suncor Energy

Widely praised for how it dealt with the fires that spread across northern Alberta in May this year, Suncor has impressed analysts and industry commentators by backing a bold strategy of investing further in Canada’s oil sands.

By employing leading technology, Suncor’s aim to make bitumen extraction cost-effective has got markets sitting up to attention.

Over the past year, Suncor has invested $6bn into the Canadian oil sands region, acquiring majority interests in Fort Hills and Syncrude. Along with its previous oil sands positions, which provide upwards of 400,000 barrels of oil equivalent per day, it’s expecting the new investments to add nearly 300,000 boe/d.

In addition to oil sands, last year it agreed to pay $50m for a 30% stake in the North Sea Rosebank project. After a year of heavy investing to oil ventures in Canada’s oil sands region, this would appear to be a significant departure from its long-term strategy, but is widely regarded as a healthy diversification push.

However, the Rosebank project offers a great deal of potential in itself. With a design capacity of 100,000 barrels of crude oil and 80m cubic feet of natural gas per day, if the project comes to fruition, it would contribute some 85% of its expected 800,000 boe/d in total production by 2019.

Also in this section
Dana Gas - 'We went in with our eyes open'
24 May 2017
Dana Gas has struggled to get paid for its work. Yet its chief executive still thinks gas in the Middle East will thrive
PCG—growing into a dynamic future
12 May 2017
PCG charts future growth through petrochemical projects in PIC
Saudi Aramco's shifting strategy
11 May 2017
Saudi Aramco has big plans for expanding its refining capacity and it won’t let oil-price volatility stand in the way, Abdulaziz Judaimi, the company's downstream vice president, says