Suncor's plan to stick around 100 years from now
In a recent interview with Postmedia, Suncor CEO Steve Williams says the oil sands industry will still be alive and kicking 100 years from now.
Williams says he is working hard to tear down the industry's reputation for being a "high-cost albatross and an environmental offender," noting that his company can cover its operating costs at just US$37 per barrel.
The CEO admits the era of megaprojects has largely ended for now, and future expansion will come from smaller "bite-sized" projects, primarily SAGD projects, aimed at adding 30,000 to 40,000 bbl/day at a time, potentially adding up to 360,000 bbl/day of extra production.
Suncor says it will start looking at these next phases of expansion late next year at best, once Fort Hills is completely off the ground and running.