The unpromoted and promoted Fischer–Tropsch synthesis (FTS) catalysts were characterized using techniques such as X-ray diffraction (XRD), temperature programmed reduction (TPR), X-ray absorption spectroscopy (XAS), Brunauer–Emmett–Teller surface area (BET SA), hydrogen chemisorption and catalytic activity using a continuously stirred tank reactor (CSTR). The addition of small amounts of rhenium to a 15% Co/Al 2O 3 catalyst decreased the reduction temperature of cobalt oxide but the percent dispersion and cluster size, based on the amount of reduced cobalt, did not change significantly. Samples of the catalyst were withdrawn at increasing time-on-stream from the reactor along with the wax and cooled to become embedded in the solid wax for XAS investigation. Extended X-ray absorption fine structure (EXAFS) data indicate significant cluster growth with time-on-stream suggesting a sintering process as a major source of the deactivation. Addition of rhenium increased the synthesis gas conversion, based on catalyst weight, but turnover frequencies calculated using sites from hydrogen adsorption and initial activity were similar. A wide range of synthesis gas conversion has been obtained by varying the space velocities over the catalysts.