What is "syncrude"

n. The output from a bitumen/extra heavy oil upgrader facility used in connection with oil sand production.

Syncrude Canada Ltd. is one of the world's largest producers of synthetic crude oil from oil sands and the largest single source producer in Canada. It is located just outside Fort McMurray in the Athabasca Oil Sands, and has a nameplate capacity of of oil, equivalent to about 13% of Canada's consumption. It has approximately of proven and probable reserves (11.9 billion when including contingent and prospective resources) situated on 8 leases over 3 contiguous sites. Including fully realized prospective reserves, current production capacity could be sustained for well over 90 years.

The company is a joint venture between five partners. As a result, Syncrude is not traded directly, but rather through the individual owners. As of June 2016, the partners (by percentage): Suncor Energy (53.74%), Imperial Oil (25%), Sinopec (9.03%), Nexen (7.23%), and Mocal Energy (a subsidiary of Nippon Oil Exploration) (5%). Because of Nexen's subsequent takeover by CNOOC, over 16% of the shares in Syncrude are controlled by State Owned Enterprises (SOE).

The ownership board must approve all annual operating budgets and proposed capital spending projects, and are required to provide the funding for said activities based on their ownership share.