- Petro Canada
Synenco Energy Inc. was incorporated in 1999 to acquire and develop oil sands resources in the Athabasca region of Northern Alberta. Since its inception, Synenco has advanced steadily towards its goal of developing oil sands mining, bitumen extraction and upgrading facilities, together called the Northern Lights Project. The independent best estimate of the Northern Lights Projectâ€™s resources is 1.49 billion barrels of in-place bitumen. In May 2005, Synenco created the Northern Lights Partnership (NLP) with SinoCanada Petroleum Corporation, the Canadian subsidiary of China based Sinopec. Synenco holds a 60% interest in and is the managing partner of NLP. The current cost of the NLP project is $5.3 billion. When fully operational the NLP is expected to produce 100,000 barrel a day of light sweet synthetic crude oil, with first production beginning in late 2010.
Suncor began crude oil production from the Alberta Oil Sands in 1967 and has produced over 1 billion barrels of oil in its history. Suncor exited 2005 producing 260,000 barrels of crude oil from the oil sands per day. Suncor expects to reach 550,000 barrels of crude per day from the oil sands by 2012.
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