2005 Results
Syncrude Sweet Blend shipments in 2005 of 78.1 million barrels, or approximately
214,000 barrels per day, were 10 per cent below 2004 shipments of 87.2 million barrels,
or approximately 238,000 barrels per day. Reliable operations and the absence of a
coker turnaround led to record shipments in 2004. During the first half of 2005,
Syncrude conducted the largest maintenance turnaround in its history and also
experienced feed restrictions in its vacuum distillation unit. The 2005 maintenance
work included the planned turnaround of Coker 8-2, and associated upgrading and
environmental units, as well as major repairs to Hydrogen Plant 9-3. These repair and
turnaround activities took longer than expected due to a shortage of available labour
caused by competing oil sands projects and the need for additional repairs.
A turnaround and revamp of the vacuum distillation unit was completed as
planned in early November 2005. The design capacity of the unit has been increased
to 285,000 barrels per day from 180,000 barrels per day.
Joint venture operating costs in 2005 were $26.59 per barrel, up from $18.61
per barrel in 2004, mainly as a result of higher purchased energy and production costs,
and lower production volumes.
Syncrude’s capital expenditures totalled over $2.5 billion in 2005, the third highest
in the company’s history. Construction of the upgrader component of the Stage 3
expansion was 98 per cent complete at year-end, up from 75 per cent at the end of
2004. At year-end, 70 per cent of the new/revamped units for the upgrader expansion
had been placed in service. Mechanical completion is expected in early 2006, and
start-up of all remaining units is scheduled for completion by mid 2006.
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