At a presentation for investors, executives said they believe the company has a number of options when it comes to securing additional sources of bitumen to replace output from its Base Plant oilsands mine, and will take its time to evaluate them.
"To be crystal clear, there is no significant
"Some early development spending will be starting in this time frame, but a significant spend will not be until towards the back end of the decade."
The
Suncor's Base Plant has a production capacity of 350,000 barrels per day, according to the company's website, but its Base Plant 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, which would be located adjacent to its existing Base Plant operations.
The company has said the project would take four to five years to construct, and could start production in the early to mid-2030s.
However, it remains highly uncertain whether such a project would receive the go-ahead from regulators.
In 2022, federal Environment Minister
Guilbeault also reminded Suncor that the federal government is committed to implementing a formal cap on CO2 emissions from the country's oil and gas sector.
Motivated in part by the chance its
The move added 135,000 barrels per day of net bitumen production capacity to Suncor’s oilsands portfolio, the company said at the time of the deal.
In March of this year, Suncor also struck a memorandum of understanding with the Fort
Suncor CEO
"The output answer, we think is going to be a series of things, timed accordingly," he said.
"We believe we will have a number of options."
The company said the fact its
Suncor, which is a member of the
Members of the
But Smith said Tuesday the Pathways group needs more certainty from provincial and federal governments around incentives for carbon capture and storage before it can move forward with "material capital commitments" on that front.
This report by The Canadian Press was first published
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