Suncor expects 2014 output to rise 10 pct to 565,000-610,000 boepd

Wed Nov 20, 2013 6:28pm EST
 
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CALGARY, Alberta Nov 20 (Reuters) - Suncor Energy Inc , Canada's largest oil and gas company, said on Wednesday it expects 2014 production to grow by 10 percent year-on-year to average 565,000 to 610,000 barrels of oil equivalent per day (boepd).

Production in the northern Alberta oil sands, where the company has the bulk of its operations, is expected to increase by 14 percent, it said.

Suncor also announced a C$7.8 billion ($7.47 billion) capital spending plan, of which approximately C$4.2 billion will go toward growth projects.

Oil sands projects, including the Fort Hills mine and MacKay River 2 debottlenecking, will receive C$1.9 billion of that growth capital, it said, adding money would also be allocated to exploration projects, such as the Golden Eagle area development in the North Sea, and development of Atlantic Canada assets like the Hebron field.

Suncor said C$220 million of growth capital for refining and marketing would be mainly used to help ensure inland crude supplies to the company's Montreal refinery.

"As evidenced by our debottlenecking initiatives and the recent Fort Hills project sanction, we will be diligent in pursuing only those projects we believe will deliver long-term shareholder value," said Steve Williams, Suncor's president and chief executive officer.