GENERAL INTEREST / Syncrude Canada ships Billionth Barrel
FORT MCMURRAY, April 16 /CNW/ - Syncrude Canada, the giant oil sands
producer located north of Fort McMurray, Alberta, shipped its billionth barrel
of high quality Syncrude Sweet Blend crude oil today, Thursday, April 16. The
billionth barrel entered the pipeline to head to Edmonton around midday.
Syncrude is the first oil sands producer to ship a billion barrels.
''Syncrude's billionth barrel arrived almost six years ahead of the
schedule we set when production began in 1978. Back then, we produced our
first barrel for around $30 -- our one billionth barrel cost around $13,'' said
Eric Newell, Syncrude's chairman and chief executive officer. ''Very few oil
fields in Alberta have produced a billion barrels of oil and none have done so
in such a short time.''
Roger Dunn, chairman of Syncrude's Owners' Management Committee, said:
''This achievement is a source of pride and satisfaction for all of Syncrude's
owners and its employees, past and present. And this is only the beginning. We
will be increasing production substantially as part of our $6 billion Syncrude
21 expansion program. The second billion should happen in less than ten
years.''
''Syncrude's first billion barrels have touched Canadians across the
country,'' Dunn added, ''providing employment and technology spin-offs as well
as generating billions of dollars for governments to help build schools,
hospitals, highways and other enduring socio-economic benefits.''
Syncrude is a joint venture owned by AEC Oil Sands, L.P., AEC Oil Sands
Limited Partnership, Athabasca Oil Sands Investments Inc., Canadian Occidental
Petroleum Ltd., Canadian Oil Sands Investments Inc., Gulf Canada Resources
Ltd., Imperial Oil Resources, Mocal Energy Ltd., Murphy Oil Company Ltd., and
Petro-Canada.
SYNCRUDE BACKGROUNDER
A BILLION BARRELS FOR CANADA
April 16, 1998, marked the shipment of the billionth barrel of crude oil
from Syncrude Canada's operation near Fort McMurray, Alberta. As a symbol of
achievement the billionth barrel represents a legacy of benefits extending far
beyond petroleum exploitation into education, the arts, health, research and
technology, and a variety of Aboriginal initiatives. How big is a billion
barrels? Enough to have created new technologies and knowledge-based
industries. Enough to have generated billions of dollars for governments to
help build schools, hospitals, highways and enduring socio-economic benefits.
Environment--Over the next ten years, Syncrude will invest over $1.6
billion on new technologies that will enhance its environmental performance.
Community Investment--To date, Syncrude has contributed over $15 million
to support community-based education, arts and culture, recreation and youth,
and environment, health and safety initiatives in Alberta and across Canada.
Employment--With an employee base of 3,500 people, and an average of 1,000
maintenance contractors, Syncrude is one of the largest private-sector
employers in Alberta.
Government Revenue--To date, royalty payments, and federal and provincial
taxes from Syncrude to the Governments of Alberta and Canada, exceed $4
billion.
Science and Technology--Syncrude operates one of the larger private-sector
research programs in Western Canada. With annual expenditures of over $30
million, it is a top-35 research and development investor.
Aboriginal People--Syncrude is Canada's largest industrial employer of
Aboriginal People. Over $66 million is spent annually with Aboriginal
businesses, and on direct employment, salaries and benefits.
Business Development--Syncrude spends more than $1 billion annually on
purchased goods, services and salaries. In addition, more than $6 billion will
be invested over the next ten years on capital expenditures to expand the
operation.
Securing Canada's Energy Future--Syncrude will produce 220,000 barrels a
day of high quality, light, sweet crude oil in 1998, representing 20 percent
of Canada's light and medium crude oil production.
Production Milestones
Start of production in
July 1978 50 million in 1980 100 million in 1982
200 million in 1985 300 million in 1987 400 million in 1989
500 million in 1991 600 million in 1992 700 million in 1994
800 million in 1995 900 million in 1996 one billion in April
1998 |
