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Suncor posts improved production as it completes turnaround work

The Canadian oil and gas producer Suncor Energy Inc. posted average production of about 636,000 barrels per day for the second quarter to date, reflecting the completion of major turnaround work and "strong production" from growth projects.

The company exited May with 800,000 bbl/d of average production as Suncor completed maintenance and repair work at its Syncrude Canada Ltd. oil sands venture in northeastern Alberta, oil sands base plant and four refineries, according to a June 7 news release. The facilities are scheduled to run at full rates in June.

The recently commissioned Fort Hills oil sands project "surpassed expectations" as it ramped up earlier than scheduled, which is expected to result in yield production at the high end of guidance for the quarter, Suncor said. Suncor on May 11 commissioned the third and final train, and the plant was tested at full capacity and for reliability with no significant issues, the company said.

Suncor raised its average production target for Fort Hills to 90% in the fourth quarter, from the original guidance of 80%. The company also noted that the Fort Hills project was built amid a low oil price environment, and comes online as prices are improving.

Suncor's Hebron oil field project also delivered stronger-than-expected production and ramped up ahead of schedule, contributing to the quarter's average production.

Syncrude is jointly owned by Suncor, Imperial Oil Resources Ltd. China Petroleum & Chemical Corp.'s Sinopec Oil Sands Partnership, and Nexen Inc.'s Nexen Oil Sands Partnership. Fort Hills is a joint venture of Suncor, Teck Resources Ltd. and Total SA.