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ENERGY: Shell, Suncor latest to make massive investments in Alberta’s oil sector

            (AlbertaIndex, August 1, Wednesday) --- Shell Canada and Suncor Energy Inc are seeking regulatory approval to invest a total of more than $31 billion in Alberta’s booming oil sector.
 

            Shell is ready to invest up to $27 billion on the Scotford Upgrader 2, a new upgrading refinery adjacent to the company’s existing facilities in the Fort Saskatchewan area, east of Edmonton.
           
Suncor has applied for a $4.4 billion expansion of its oil sands mining operations near Fort McMurray. The company plans to surpass Syncrude Canada Ltd as Canada’s biggest oil sands producer by 2012.
            Shell said its proposed refinery will be constructed in four phases and process Shell’s share of future Athabasca minable bitumen production as well as bitumen from the company’s in situ oil sands developments.
            The plant could ultimately process up to 400,000 barrels a day of oil sands bitumen into a range of synthetic crude oil products.
            “Our Scotford Upgrader 2 development plans reflect a long-term, continuous development path in the Scotford area,” said Brian Straub, Shell’s senior vice president of oil sands. “Presenting a picture of our potential plans in the region is consistent with government and stakeholder expectations.”
            Financial approval to proceed with Scotford Upgrader 2 will depend on the outcome of regulatory processes, market conditions, final project costs and consultation with key stakeholders.
            Suncor said its Voyageur South mine will boost its output by 120,000 b/d of bitumen when it is onstream some time between 2011 and 2013.
            By then, the company expects to produce as much as 550,000 b/d of synthetic crude from its northern Alberta operations, more than double its current output of about 260,000 b/d. Rival Syncrude Canada produces around 350,000 b/d.

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