ALBERTA - The directors of Calgary-based SUNCOR ENERGY have okayed a capital spending budget of $5.3 billion for 2007. About $4.4 billion of the amount will be spent at the company's oil sands operation north of Fort McMurray.
Of the $4.4 billion for the oil sands, $3.5 billion will be spent on capital projects, including the planned relocation of mining and extraction facilities as the mining areas are extended. Suncor's goal is to produce more than 500,000 bbl/d of bitumen by 2012.
More information is available at www.Suncor.com.