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Canadian Oil Sands Cuts 2012 Syncrude Production Estimate

April 30 (Bloomberg) -- Canadian Oil Sands Ltd., the largest owner of Syncrude Canada Ltd., cut its 2012 synthetic oil production estimate to 301,000 barrels a day because of a maintenance turnaround in the second quarter.

Canadian Oil Sands reduced the single-point 2012 production estimate by 2.7 percent, or 3 million barrels, to 110 million barrels, the Calgary-based company said in a statement.

“The 110 million-barrel Syncrude production outlook incorporates actual first-quarter 2012 production, a planned turnaround of Coker 8-3 during the second quarter of the year, and an allowance for unplanned outages,” the company said.

Syncrude will start planned maintenance on its 8-3 coker unit in early May, Canadian Oil Sands Chief Executive Officer Marcel Coutu told reporters at the company’s annual meeting in Calgary. The work is expected to last 60 to 70 days, he said.

Syncrude production in the first quarter was 295,000 barrels per day, down from 321,000 a year earlier, after the company took Coker 8-1 offline for repairs. The unit returned to service this month, the company said.

To contact the reporter on this story: Lynn Doan in San Francisco at ldoan6@bloomberg.net

To contact the editor responsible for this story: Dan Stets at dstets@bloomberg.net

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