• 5 minutes Rage Without Proof: Maduro Accuses U.S. Official Of Plotting Venezuela Invasion
  • 11 minutes IEA Sees Global Oil Supply Tightening More Quickly In 2019
  • 14 minutes Paris Is Burning Over Climate Change Taxes -- Is America Next?
  • 2 mins Alberta govt to construct another WCS processing refinery
  • 11 hours Let's Just Block the Sun, Shall We?
  • 1 day U.S. Senate Advances Resolution To End Military Support For Saudis In Yemen
  • 1 day Waste-to-Energy Chugging Along
  • 1 day What will the future hold for nations dependent on high oil prices.
  • 7 hours What Can Bring Oil Down to $20?
  • 1 day Venezuela continues to sink in misery
  • 2 days UK Power and loss of power stations
  • 1 day Contradictory: Euro Zone Takes Step To Deeper Integration, Key Issues Unresolved
  • 1 day Regular Gas dropped to $2.21 per gallon today
  • 2 days No, The U.S. Is Not A Net Exporter Of Crude Oil
  • 2 days EPA To Roll Back Carbon Rule On New Coal Plants
  • 19 hours Sleeping Hydrocarbon Giant
  • 21 hours Sane Take on the Russia-Ukraine Case
OPEC Sees Demand For Its Crude Oil Lower In 2019

OPEC Sees Demand For Its Crude Oil Lower In 2019

OPEC expects demand for its…

Canadian Crude Price Spike Won’t Last

Canadian Crude Price Spike Won’t Last

The price spike in Canadian…

Suncor Looks for Chinese Partners to Work on Oil Sands Projects

Suncor Energy is the largest producer and refiner of oil in Canada. However due to ballooning costs it is now looking to create a partnership with Chinese firms as it realises plans to expand its oil sands projects.

Steven Williams, the new president and chief executive officer of Suncor, said that “the availability of highly skilled labour is a challenge to oil sands, so we are looking at the option to help with that.”

He has already held preliminary talks with some Chinese companies about the possibility of creating partnerships, as he tries to determine “whether China can compete in the EPC (equipment, procurement and construction) world.”

Suncor has already set targets of increasing oil production by 10 percent each year up until 2020, and Williams believes that this target is achievable. However they will need help with their joint venture partnership with Total SA, where the two are planning to make the largest expansion project ever to the oil sands, by constructing two new mines and an upgrader with a potential capacity of 200,000 barrels of oil per day.

No cost estimates have as yet been released for the project, and no final decision will be made until next year. Maybe Suncor are awaiting a Chinese partner before committing to such a large investment, especially as fears that raising inflation could reduce profit margins in the coming months.

By. Joao Peixe of Oilprice.com



Join the discussion | Back to homepage

Leave a comment
  • Ben on June 28 2012 said:
    Typically EPC actually refers to Engineering, Procurement, Construction. Equipment would generally already be implied by Procurement. This makes me curiuos as to whether it's just for the construction/labour side or if they actually are talking about the engineering and design side of it as well.

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News