Canadian Oil Sands Limited (COS) has announced Syncrude has commenced a turnaround of coker 8-2, advancing maintenance originally scheduled for mid 2016 in order to improve coker throughput. A build up of coke deposit within the unit led to reduced circulation, and the determination was made to shift the planned maintenance into 2015. As a result, COS has revised its production estimate for 2015 to about 90 million bbls (33 million bbls net to COS).
The company expect 2016 production to improve correspondingly since the planned work is being advanced into 2015. COS plans to issue revised guidance for 2016 production concurrent with the release of its 4Q15 results.
COS holds a 36.74% interest in the Syncrude project, the largest producer of light, sweet synthetic oil from Canada's oil sands. As a pure play in Syncrude, COS provides investors with long life, light crude oil exposure and since 2001 has paid dividends totalling US$7.9 billion.
Adapted from press release by
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