Canadian Oil Sands (TSX:COS) says it is revising its production forecast for the year due to unplanned maintenance work at the Syncrude oil sands mine north of Fort McMurray as a result of a breakdown at coker 8-1.
A coker is part of the process to convert tarry oilsands bitumen into a lighter type of crude for refineries.
The company told investors, in a statement released late Thursday, that the expected maintenance work will overlap the turnaround of coker 8-2, scheduled for the second quarter.
It has therefore revised its estimate for annual Syncrude production to 95 to 105 million barrels, which equates to 35 to 38.6 million barrels net to Canadian Oil Sands, the largest owner of the Syncrude mine with a 36.74% interest.
The company said it would provide revised guidance for 2014 with its release of first quarter results next Wednesday. The other owners of the Syncrude project include Imperial Oil (TSE:IMO), Suncor Energy (TSE:SU), China's Sinopec and CNOOC (TSE:CNU), Mocal Energy and MurphyOil (NYSE:MUR).