In a business update for the fourth quarter, Suncor highlighted upstream production of 736,000 barrels of oil equivalent per day.
Upgrade operations during the fourth quarter allowed for utilization rates of 93% at the Suncor base plant and 94% at Syncrude.
Suncor President and Chief Executive Officer Steve Williams says the company finished 2017 with strong quarterly performance, including safely completing five test runs at the Fort Hills plant, producing 1.4 million barrels of froth.
More than 80% of Fort Hills plant has safely run at full capacity through the test runs over the past four months and remains on track to reach 90% capacity by the end of 2018.
The statement also included a new agreement with Teck Resources Limited (Teck) and Suncor each acquiring an additional working interest in the Fort Hills Project from Total E&P Canada (Total).
Suncor increased its share of the project capital to $300 million, while Teck has increased it’s share to $120 million – equaling approximately $69,330 per flowing barrel.
Other highlights from the fourth quarter include a Progressive Aboriginal Relations (PAR) gold level certification and the purchase of a 41% equity interest in PetroNor, a Quebec-based petroleum products distributor owned and operated by the James Bay Cree.
