Suncor Energy provides update on Firebag operations
CALGARY, ALBERTA -- (Marketwire) -- 10/22/12 --
-- Firebag production reaches 120,000 barrels per day
-- Firebag Stage 4 expected to be 10% under $2 billion budget
-- Firebag Stage 4 start-up ahead of schedule
Suncor Energy's Firebag oil sands facility has reached full design
capacity of nearly 120,000 barrels per day (bbls/day). First oil at
stage 3 of the facility was brought online in August of last year and
with the application of infill well technology, the pace of
production ramp-up at Firebag stage 3 exceeded previous expectations.
Production at the Firebag complex averaged 113,000 bbls/day in the
third quarter of 2012, with exit rates of approximately 120,000
bbls/day. Quarterly production was up over 100% from last year's
third quarter production of approximately 55,000 bbls/day.
In addition, the Firebag stage 4 facility was safely commissioned
during the third quarter of this year and steaming of the wells has
begun. First oil is expected by year end, approximately three months
ahead of the original schedule, and the project is approximately 10%
under the current budget estimate of $2 billion.
"We're seeing strong results from our disciplined focus on management
of cost and quality - an excellent example of our commitment to
create value for investors," said Steve Williams, Suncor president
and chief executive officer.
The expected total production from the Firebag complex will rise to
approximately 180,000 bbls/day once stage 4 reaches full planned
capacity. There is significant integration between Firebag stages 1
through 4 allowing operational flexibility to optimize production,
maintenance, reliability and costs.
"The Firebag resource continues to provide among the most productive
wells in the industry from one of the largest resource basins in the
world," continued Williams. "Firebag is a high quality asset and a
crucial component of our Oil Sands portfolio."
Certain statements in this news release constitute "forward-looking
statements" within the meaning of the United States Private
Securities Litigation Reform Act of 1995 and "forward-looking
information" within the meaning of applicable Canadian securities
legislation (collectively, "forward-looking statements"). All
forward-looking statements are based on Suncor's current
expectations, estimates, projections, beliefs and assumptions based
on information available at the time the statement was made and in
light of Suncor's experience and its perception of historical trends.
Forward-looking statements in this news release include the plan for
first oil for Firebag stage 4 to be at year end, the expectation that
Firebag stage 4 will be 10% under the current budget estimate of $2
billion and the expectation that total production capacity of the
Firebag complex will rise to approximately 180,000 bbls/day once
Firebag stage 4 reaches full planned capacity. Forward-looking
statements are not guarantees of future performance and involve a
number of risks and uncertainties, some that are similar to other oil
and gas companies and some that are unique to our company. Suncor's
actual results may differ materially from those expressed or implied
by our forward-looking statements and readers are cautioned not to
place undue reliance on them.
Suncor's Earnings Release, Quarterly Report and Management's
Discussion & Analysis for the second quarter of 2012 and its most
recently filed Annual Information Form/Form 40-F, Annual Report to
Shareholders and other documents it files from time to time with
securities regulatory authorities describe the risks, uncertainties,
material assumptions and other factors that could influence actual
results and such factors are incorporated herein by reference. Copies
of these documents are available without charge from Suncor at 150
6th Avenue S.W., Calgary, Alberta T2P 3Y7, by calling 1-800-558-9071,
or by email request to firstname.lastname@example.org or by referring to the
company's profile on SEDAR at www.sedar.com or EDGAR at www.sec.gov.
Except as required by applicable securities laws, Suncor disclaims
any intention or obligation to publicly update or revise any
forward-looking statements, whether as a result of new information,
future events or otherwise.
Suncor Energy is Canada's premier integrated energy company. Suncor's
operations include oil sands development and upgrading, conventional
and offshore oil and gas production, petroleum refining, and product
marketing under the Petro-Canada brand. While working to responsibly
develop petroleum resources, Suncor is also developing a growing
renewable energy portfolio. Suncor's common shares (symbol: SU) are
listed on the Toronto and New York stock exchanges.
For more information about Suncor Energy please visit our web site at
www.suncor.com or follow us on Twitter @SuncorEnergy.
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