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Canada’s Biggest Oil Company Plans to Boost Spending in 2016

This is an excerpt from an article in Oilpro. Canada’s largest oil company has become the first oil firm in the country to announce its full 2016 forecast. Suncor Energy projects lower output volumes next year, while at the same time it intends to increase capital spending on new projects and maintenance at its existing operations. “Our oil sands production is expected to be slightly reduced in 2016, versus 2015 as a result of significant planned maintenance activities scheduled at various facilities, including our first five year full turnaround at the U2 upgrader [in Alberta] and major maintenance at Firebag,” Steve Williams, CEO of Suncor Energy  said. Suncor’s 2016 spending plans contrast with other O&G companies that are curbing growth plans and cutting spending amid the plunge in oil prices over the last year. So far this year, Suncor has cut $1.4 billion from its budget and laid off approximately 1,200 employees.