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Vol. 15, No. 46 Week of November 14, 2010
Providing coverage of Alaska and northern Canada's oil and gas industry

The Explorers 2010: Suncor Energy

Suncor Energy arrived in Alaska by acquiring Petro-Canada in mid-2009 and the degree to which the Canadian company plans to stay in Alaska remains unknown. By inheriting Petro-Canada’s landholdings in Alaska, Suncor picked up some 1 million net acres in the foothills of the Brooks Range (working with operator Anadarko and partner BG Alaska), and in the National Petroleum Reserve-Alaska (in partnership with operator FEX). In September 2009, Suncor announced plans to focus on oil sands and divest much of its natural gas holdings by the end of 2010. Because neither Anadarko nor FEX drilled exploration wells in 2010, Suncor wasn’t forced to make a major spending decision in Alaska. That lack of drilling could carry over to 2011, which would give Suncor more time to make a decision. Suncor may not need the time, though. The company recently wrote down $44 million in Alaska and Western Canadian assets and put its NPR-A oil prospects up for sale. The company continues to evaluate its foothills gas prospect.

Current exploration focus:

Northern Alaska: Suncor acquired leases in the foothills of the Brooks Range and in the National Petroleum Reserve-Alaska, but hasn’t completely stated its intentions for Alaska, placing its NPR-A acreage up for sale, but continuing to evaluate foothills gas.



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