The company has approved capital spending of $5.5 billion (Can., or US$5.2 billion) in 2010, including $900 million for the next step in Firebag expansion and $50 million for the fourth stage. With other projects, the "growth capital" part of Suncor's investment plans for next year totals $1.5 billion.
The company suspended work on the Firebag third stage early this year, along with plans for expanded upgrading capacity for its mining operations. Resumption of the upgrading investment is not part of the 2010 capital budget.
Noting "some improvement" in crude prices and the overall economy, Suncor Pres. and Chief Executive Officer Rick George called the budget "a conservative capital strategy" that Suncor can support from free cash flow at "midcycle" crude prices.
To learn more about how Suncor uses SmartPlant 3D’s real-time, global worksharing capabilities on the Firebag project, download the SmartPlant 3D Spotlight. Also included are articles discussing how other customers are using SmartPlant 3D in production.