(Photo: An aerial view of Syncrude’s Mildred Lake project)
Canadian Oil Sands could miss its production targets because of the explosion and subsequent fire that rocked Syncrude’s base mine Plant 12 on Saturday.
That’s according to CIBC analyst Arthur Grayfer who adds that maintenance downtime this spring left the operation with little wiggle room for the remainder of the year.
The company was expecting a daily output between 263,000 barrels a day and 293,000 barrels a day this year.
It has suspended its shipments of synthetic crude while repairs are carried out.
The mine is still operating but bitumen and partially upgraded crude are being stored in tanks on site, Canadian Oil Sands doesn’t know how long repairs will take.
