in review
PHOTO: JOE Y PODLUBN Y
Canadian Natural oilsands mine produced
over 103,000 barrels per day in March, and
the company is adamant about next phases
Canadian Natural Resources says it produced 86,995 barrels per day of synthetic crude oil at its Horizon
oilsands mine during the first quarter of 2010. March production averaged 103,850 barrels per day, the
highest this year.
The company said it continues to target stable production levels, with annual production guidance for
2010 remaining at 90,000 to 105,000 barrels per day.
As for the next expansion phases at Horizon, Raymond James notes Canadian Natural is determined
to proceed.
“The company [is] adamant that it will expand Horizon,” analysts wrote in a research note following
Canadian Natural’s May investor open house. “Work is progressing on the various tranches that make
up the Phases 2/3 expansion, including engineering and procurement, and updated cost estimates….
The company did indicate that prior to sanctioning, it requires cost certainty and economics that can
compete for capital within the portfolio.” •
Oilsands Quest
files applications
for Saskatchewan
SAGD test
and project
PHOTO: JOE Y PODLUBN Y
Displaying a core sample from Oilsands Quest’s Axe Lake property in Saskatchewan.
Oilsands Quest has filed key regulatory
submissions to advance development of its
Axe Lake bitumen project in northwestern
Saskatchewan, including a test to see if SAGD
will work on the deposit.
The first is a proposal to the Saskatchewan
Ministry of Environment for approval to produce
up to 30,000 barrels per day using SAGD. The
second submission is for approval of a SAGD
test to confirm the containment characteristics
of the glacial till overlying the Axe Lake reservoir
and to determine the operating parameters of a
commercial project. •
Solvent processes
at the heart
of new U of C
research program
The University of Calgary’s Schulich School of
Engineering is launching a new heavy oil research
program designed to map the characteristics
of the viscous resource in order to improve
production. Much of the work will look at solvent
processes, techniques that industry is growing
increasingly interested in to help reduce water and
energy use. But the industry work is in the early
stages, and support is needed to keep solvents in
momentum.
“If they have a lot of failures, that could kill
[interest in] it. That’s what we’re trying to avoid,”
says program leader Harvey Yarranton, who holds
the Natural Sciences and Engineering Research
Council of Canada industrial research chair in
heavy oil properties and processing.
His work, which is supported by partners
Schlumberger and Shell Canada, has in place
$2.6 million in funding over the next five years. •
Honeywell to
acquire Matrikon
Honeywell has announced that it
has signed an agreement valued at
approximately $145 million to acquire
Edmonton-based Matrikon, a company
specializing in software for plant
operations.
Honeywell says the acquisition will
strengthen its position in the high-growth
oil and gas and power value chains and
increase its global footprint in key regions.
The transaction is subject to approval by
Matrikon’s shareowners. •
