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Canadian Oil Sands Lowers 2015 Spending as Syncrude Winds Down
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Canadian Oil Sands Limited has announced its budget for 2015, which is marked by significantly lower capital expenditures, as Syncrude's major capital projects come to a close.
This reinvestment included new or refurbished bitumen mining equipment to support decades of non-declining production and new technology to accelerate tailings reclamation.
Ryan Kubik, President and Chief Executive Officer said: "With this budget, we are delivering a lower capital expenditure profile following significant reinvestment at Syncrude. The completion of Syncrude's major capital projects greatly reduces the financing and execution risk in our business, positioning COS as a lower-risk, long-life crude oil investment.
Syncrude has realized more than $650 million in savings to-date on the major projects and…
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