Page 10 - AIF - English

GENERAL DEVELOPMENT OF THE BUSINESS

Overview

Suncor is an integrated energy company headquartered in Calgary, Alberta, Canada. We are strategically focused on
developing one of the world’s largest petroleum resource basins – Canada’s Athabasca oil sands. In addition, we explore

for, acquire, develop, produce and market crude oil and natural gas in Canada and internationally; we transport and
refine crude oil, and we market petroleum and petrochemical products primarily in Canada. Periodically, we market third-

party petroleum products. We also conduct energy trading activities focused principally on the marketing and trading of
crude oil, natural gas and byproducts.

Suncor has classified its operations into the following segments:

OIL SANDS
EXPLORATION AND PRODUCTION

Suncor’s Oil Sands segment, with assets located in the Suncor’s Exploration and Production segment consists of

Wood Buffalo region of northeast Alberta, recovers offshore operations off the east coast of Canada and in the
bitumen from mining and in situ operations and either North Sea, and onshore operations in North America, Libya

upgrades this production into SCO for refinery feedstock and Syria.
and diesel fuel, or blends the bitumen with diluent for
• East Coast Canada operations include Suncor’s
direct sale to market. The Oil Sands segment includes:
37.675% working interest in Terra Nova, which Suncor

• Oil Sands Operations refer to Suncor’s wholly-owned operates. Suncor also holds a 20% interest in the
and operated mining, extraction, upgrading, in situ and Hibernia base project and a 19.5% interest in the

related logistics and storage assets in the Athabasca oil Hibernia Southern Extension Unit (HSEU), a 27.5%
sands. Oil Sands Operations consist of:
interest in the White Rose base project and a 26.125%

• Oil Sands Base operations include the Millennium interest in the White Rose Extensions, and a 22.729%
interest in Hebron, all of which are operated by other
and North Steepbank mining and extraction
operations, integrated upgrading facilities known as companies.

Upgrader 1 and Upgrader 2, and the associated • International operations include Suncor’s 29.89%
infrastructure for these assets – including utilities, working interest in Buzzard and its 26.69% interest in

energy and reclamation facilities, such as Suncor’s Golden Eagle. Both projects are located in the
tailings management (TRO) assets.
U.K. sector of the North Sea and are not operated by
TM
• In Situ operations include oil sands bitumen Suncor. Suncor also holds interests in several
exploration licences offshore the U.K. and Norway.
production from Firebag and MacKay River and
supporting infrastructure, such as central processing Suncor owns, pursuant to Exploration and Production
Sharing Agreements (EPSAs), working interests in the
facilities, cogeneration units and hot bitumen
infrastructure, including an insulated pipeline, exploration and development of oilfields in the Sirte
Basin in Libya. As at the date hereof, production in
diluent import capabilities and a cooling and
blending facility, and related storage assets. In Situ Libya is shut-in due to political unrest. Suncor also
owns, pursuant to a Production Sharing Contract (PSC),
production is either upgraded by Oil Sands Base or
blended with diluent and marketed directly
an interest in the Ebla gas development in the Ash
Shaer and Cherrife areas in Syria. Due to political
to customers.
unrest in Syria, the company has declared force
• The Oil Sands segment also includes the company’s majeure under its contractual obligations, and Suncor’s
interests in significant growth projects, including its
operations in Syria have been suspended indefinitely.
40.8% interest in the Fort Hills mining project where
Suncor is the operator and its 36.8% interest in the • North America Onshore operations include Suncor’s
working interests in unconventional natural gas and
Joslyn North mining project. The company also holds a
12.0% interest in the Syncrude oil sands mining and crude oil assets in Western Canada, including
unconventional oil and natural gas properties in central
upgrading operation (these assets were formerly known
as Oil Sands Ventures prior to an internal Alberta and northeast B.C.

reorganization effective January 1, 2014).

8 SUNCOR ENERGY INC. ANNUAL INFORMATION FORM 2014