Investing.com - Financial Markets Worldwide
⌛ Did you miss ProPicks’ 13% gains in May? Subscribe now & catch June’s top AI-picked stocks early.Unlock Stocks

UPDATE 1-Canadian Oil Sands halts Syncrude production after fire, prices spike

Published 2015-08-31, 10:34 a/m
© Reuters. UPDATE 1-Canadian Oil Sands halts Syncrude production after fire, prices spike
MUR
-
0883
-
CL
-
COS
-
IMO
-
SU
-
5020
-
SNPTY
-

(Updates with market impact)
Aug 31 (Reuters) - Canadian Oil Sands Ltd COS.TO , the
biggest shareholder in the Syncrude oil sands project, said it
halted crude oil production after a fire damaged equipment at
its processing facility in northern Alberta on Saturday, causing
traders to scramble to secure temporarily short supply.
The company said the main coker conversion units were not
damaged and Syncrude continues to operate. However, it suspended
synthetic crude oil production and is developing a recovery
plan, Canadian Oil Sands said late on Sunday.
Synthetic crude for September delivery traded as
strong as $2 a barrel below U.S. crude futures on Monday
morning, according to Shorcan Energy brokers, up from a discount
of about $4.60 a barrel last week.
The operator of Canada's largest synthetic crude project
said on Saturday it was investigating the causes of an early
morning fire at an upgrading plant.
The fire broke out a few hours after the province's energy
regulator announced it was shutting in 95 pipelines operated by
Nexen, one of the partners in the project, because of safety
issues identified following a large oil-related spill in July.
Syncrude is a 326,000 barrel-per-day mining and upgrading
project, where mined oil sands bitumen is upgraded into
refinery-ready synthetic crude. It produced an average of
261,500 bpd this year to date, according to its website.
The operations are a joint venture of seven partners:
Canadian Oil Sands Ltd COS.TO , Suncor Energy Inc SU.TO ,
Imperial Oil Ltd IMO.TO , Nippon Oil subsidiary Mocal Energy
Ltd 5020.T , Murphy Oil Corp (NYSE:MUR) MUR.N , China's Sinopec
600028.SS , and CNOOC subsidiary 0883.HK Nexen.

Latest comments

Loading next article…
Install Our App
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.