NOVELTY - A non-distilled bottom fraction is formed from a source of heavy oil or bitumen feedstock, and fed to syngas generating circuit for formulating hydrogen lean syngas stream (88). A primary hydrogen rich syngas stream is provided, and portion of stream is supplied to hydrogen separator unit to provide purified hydrogen by-product stream and a secondary hydrogen rich syngas stream. Carbon dioxide is removed to obtain purified hydrogen rich syngas stream, which is reacted in Fischer-Tropsch reactor (128) to formulate hydrocarbons, and heavy oil or bitumen is upgraded or refined.    USE - Process for co-producing valuable products e.g. methanol, ammonia and urea from by-products of upgrading process of heavy oil or bitumen to formulate synthesized hydrocarbons (claimed).    ADVANTAGE - The hydrocarbons are efficiently produced by upgrading process of heavy oil or bitumen with increased yield and without producing waste by-products such as petroleum coke.    DETAILED DESCRIPTION - A non-distilled bottom fraction is formed from a source of heavy oil or bitumen feedstock, and fed to a syngas generating circuit for formulating a hydrogen lean syngas stream via non-catalytic partial oxidation reaction. A primary hydrogen rich syngas stream is provided from a syngas generator, and a portion of stream is supplied to a hydrogen separator unit to provide a purified hydrogen by-product stream and a secondary hydrogen rich syngas stream. A portion of hydrogen lean syngas stream, primary hydrogen rich syngas stream and/or secondary hydrogen rich syngas stream is subjected to carbon dioxide removal operation to obtain a purified hydrogen rich syngas stream and a carbon dioxide byproduct stream. The purified hydrogen rich syngas stream is reacted in a Fischer-Tropsch reactor to formulate synthesized hydrocarbons. The purified hydrogen by-product stream and/or carbon dioxide By-product stream are converted into commercially valuable co-products, and heavy oil or bitumen is upgraded or refined.    DESCRIPTION OF DRAWING(S) - The drawing shows the flow sheet explaining upgrading process of heavy oil or bitumen.    Hydrogen lean syngas (88)    Sweet hydrogen lean syngas (91)    Hydroprocessing unit (108)    Reactor (128)    Naphtha (130)    Light Fischer-Tropsch liquid (132)    Heavy Fischer-Tropsch liquid (134)