Suncor Energy is expecting a sizeable increase in production in 2021.

The oil company provided its outlook for the next year on Monday highlighting a goal of producing between 740,000 and 780,000 barrels of oil equivalent per day.

This would be an increase from the 670,000 boe/d Suncor has averaged in the first three quarters of 2020 which is mainly due to COVID-19, the drop in oil prices, and planned maintenance.

The company is also preparing a capital program of between $3.8 and $4.5 billion.

This was on par with 2020 after Suncor decreased its original budget by 1.5 billion.

“The decisions we made this year give us the ability to strengthen the balance sheet, increase shareholder returns, and invest in our business to grow future free funds flow,” said Mark Little, President and CEO.

“As we look to 2021, with a focus on the safe and reliable operation of our assets and disciplined cost management, we’re well-positioned to make significant progress in all of these important areas.”

Suncor is also preparing to repay between $500 million and $1 billion of its debt in 2021.