Syncrude working through production problems, shareholder says
TORONTO, Dec 10 (Reuters) - Canadian Oil Sands Ltd, the largest shareholder in the Syncrude Canada joint venture, said on Monday that the oil sands project was still looking to resolve problems causing a production shortfall.
Speaking to reporters following a presentation to an investment conference, Marcel Coutu, the company's chief executive, said Syncrude was having problems with its crushers and the extraction process, causing what he called "a blip" in production.
He did not say whether Syncrude was close to resolving the issue but said the project was "working through it now."
Sources told Reuters last week that Syncrude output would be cut this month by 400,000 barrels because of the production problems.