Canadian Oil Sands Limited announced its budget for 2015, which is marked by significantly lower capital expenditures, as Syncrude's major capital projects come to a close. This reinvestment included new or refurbished bitumen mining equipment to support decades of non-declining production and new technology to accelerate tailings reclamation.
"With this budget, we are delivering a lower capital expenditure profile following significant reinvestment at Syncrude. The completion of Syncrude's major capital projects greatly reduces the financing and execution risk in our business, positioning COS as a lower-risk, long-life crude oil investment," said Ryan Kubik, President and Chief Executive Officer.
Syncrude has realized more than $650 million in savings to-date on the major projects and has delivered them on schedule. The remaining Centrifuge Tailings Management project is on budget and on schedule to be in service the first half of 2015.