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Suncor not rushing to secure additional supply for Base Plant oilsands facilities

CALGARY — Suncor Energy Inc. says it will be more than five years before it makes any significant investments to secure additional bitumen supply to replace output from its Base Plant oilsands mine.

The Calgary-based company has been exploring options to sustain the supply of thick, sticky oilsands crude to its Base Plant upgrading facilities north of Fort McMurray, Alta.

The company's Base Plant oilsands mine is expected to be largely depleted by the mid-2030s.

To solve its supply problem, Suncor has proposed a new, 225,000 barrel-per-day, open-pit oilsands mine expansion, but it is unclear whether such a project would receive the go-ahead from regulators.

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At an investor presentation Tuesday, Suncor executives said they believe the company has a number of options when it comes to securing additional sources of bitumen and will take its time to evaluate them.

They said investors should not expect significant spending on this front until the end of the decade.

This report by The Canadian Press was first published May 21, 2024.

Companies in this story: (TSX:SU)

The Canadian Press