Joint Venture Governance

The Syncrude Project is a Joint Venture undertaking among Suncor Energy Inc., Imperial Oil Resources Limited; Sinopec Oil Sands Partnership; and CNOOC Oil Sands Canada (the “Owners”). Suncor’s interest is held by Canadian Oil Sands Partnership #1 which is a wholly owned subsidiary of Suncor Energy Inc. Suncor Energy (Syncrude) Operating Inc. is the project operator.

Syncrude project joint venture organization

Suncor Energy Inc. holds its 58.74% interest through its wholly owned subsidiary, Canadian Oil Sands Partnership #1.

The Syncrude Project was undertaken and continues to be operated for the purpose of producing crude oil and other lease substances from the mining and processing of oil sands, located on leases within the Athabasca Oil Sands Region, that have been committed to the project by the Owners.

The assets of the Joint Venture consist of the mining, extraction, upgrading, utilities and administrative facilities located at the Mildred Lake Plant (approximately 40 kilometres north of the City of Fort McMurray); the Aurora mining, primary extraction, co-generation and administrative facilities (located approximately 35 kilometres northeast of the Mildred Lake Plant); all Syncrude technology; all equipment and materials and all freehold and leasehold interests,, including oil sands leases 10, 12, 17, 22, 29, 30, 31 and 34.

Each Joint Venture Participant has a specific undivided co-ownership interest in the assets of the Syncrude Project, as set out in the diagram above.

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