What is The Syncrude Project ?

http://www.cos-trust.com/

At a Glance
The Syncrude Project is a joint venture undertaking among Canadian Oil Sands Limited (36.74%); Conoco-Phillips Oil Sand Partnership II (9.03%); Imperial Oil Resources (25%); Mocal Energy Limited (5%); Murphy Oil Company Ltd. (5%); Nexen Oil Sands Partnership (7.23%); and Petro-Canada Oil and Gas (12%).
The Syncrude Project is operated and administered by Syncrude Canada Ltd. on behalf of the participants.
The Syncrude consortium was formed in 1964 with the official opening of the project and the first barrel shipped in 1978.
Located near Fort McMurray, Alberta, Syncrude operates large oil sands mines, utilities plants, bitumen extraction plants and an upgrading complex that processes bitumen into a light sweet crude oil.
The crude oil produced by Syncrude is referred to as Synthetic Crude Oil ("SCO"), which is a high quality, light sweet crude oil with no residual bottoms and low sulphur content (See Marketing section for more information).
Syncrude is one of the largest holders of Alberta's mineable oil sands leases with eight leases covering approximately 100,000 hectares.
Syncrude has proved and probable reserves of 4.9 billion barrels of SCO, which represent a lifespan of approximately 35 years at Stage 3 capacity with the potential to extend reserve life beyond the year 2050 as the leases are developed.
Syncrude has a long-term growth plan that envisions productive capacity reaching about 500,000 barrels per day of a premium quality, light sweet crude oil post 2016. Stages 1, 2 and 3 of the plan have been completed. The most recent Stage 3 expansion came on-stream in 2006 at a capital cost of about Cdn $8.55 billion, and expanded productive capacity to average approximately 350,000 barrels per day. The next expansions are referred to as the Stage 3 debottleneck and Stage 4, which have not yet been approved and are in the conceptual planning phase. The Stage 3 debottleneck will leverage and optimize the potential of Stage 3, which included pre-investment to enable further production expansion. Stage 4 currently envisions further expansion of upgrading capacity, primarily through the construction of a fourth coker, and additional mining trains on one of Syncrude's undeveloped leases.
In 2007, Syncrude shipped 111.3 million barrels of synthetic crude oil.
Syncrude is a leader in technological innovation of oil sands recovery and has pioneered many of the technologies used throughout the oil sands industry today, including low energy extraction and hydrotransport. These innovations have reduced energy requirements, thereby reducing operating costs and emissions.
Syncrude is fully committed to excellence in environment, health and safety performance in the conduct of its business and in support of a safe, reliable and profitable operation.
Syncrude is a major engine of growth for the Alberta and Canadian economies with over $4.2 billion in total spending during 2006.
More information on Syncrude Canada can be found in their sustainability report, available on Syncrude's website at www.syncrude.ca.