Suncor Energy is anticipating a some growth in production for 2020.
The oil company released their production outlook on Monday where they highlighted an estimated five per cent increase for upstream production.
They are expecting to see between 85,000 – 95,000 barrels of oil per day produced at their Fort Hills site north of Fort McMurray.
Their share in Syncrude is expected to produce 170,000 – 185,000 bbls/d.
This would be a slight increase from the numbers produced at these sites during the third-quarter of 2019.
“Looking forward to 2020, we will continue to focus on value over volume, investing in high-return projects that are largely independent of pipeline constraints and commodity price volatility, to deliver on our $2 billion incremental free funds flow target by 2023,” said Mark Little, Suncor President and CEO.
The company’s projections do include the province’s curtailment program which was introduced as a way to combat the storage issue impacting the province.
Meanwhile, Suncor plans on spending $50 million on the Syncrude bi-directional pipelines which would connect the site to their base plant operations.
They are also investing $150 million into new digital technology initiatives. This comes after the announcement of their partnership with Microsoft Canada.