Risk Management

Syncrude Joint Venture Ownership

The Syncrude project is a joint venture that is currently owned by seven participants with varying interests. Major capital decisions for new projects require unanimity of the Syncrude owners, while other matters require only the approval of a majority of the working interests and three Syncrude owners. Historically, Canadian Oil Sands and the Syncrude owners have sought consensus on all significant matters. There can be no assurance, however, that unanimous agreement will be reached on major capital programs and that future expansions will be executed as currently planned.