CALGARY—Oil producer Suncor Energy Inc. will spend $7.5 billion on its capital budget in 2012, with oilsands production expected to grow 12 per cent and synthetic crude oil production by 30 per cent.
The Calgary-based company is the oilsands’ largest operator and says it will bring its total production in 2012 to an average of 530,000 to 580,000 barrels per day.
The money is expected to come from Suncor’s internal cash flow.
About half of Suncor’s spending will go toward growth projects, with 60 per cent funding oilsands development.
The company also expects to invest in its offshore operations on Canada’s East Coast and in the North Sea.