Oil Sands, Refinery Upgrades Dominate Suncor, Petro-Canada '04 Capex

Oil Daily, The, December, 2003

HOUSTON -- Calgary-based Suncor Energy announced Monday C$1.7 billion (US$1.3 billion) in capital spending plans in 2004, with C$1 billion of that money earmarked for oil sands projects.

Fellow exploration and production company Petro-Canada also has revealed its 2004 spending plans, announcing Friday a C$2.6 billion capital and exploration expenditure program.

Suncor's spending plans for 2004 are about 15% higher than last year, and Petro-Canada's spending is roughly flat compared with estimated 2003 expenditures.

Approximately C$750 million of Suncor's 2004 capital budget is planned for oil sands growth projects, including continued development of oil sands operations on its Firebag leases and upgrader expansions that are planned to increase...