The assets include the 108 000 bpd Jackfish oilsands project, which comprises about 88% of the valuation.
Canadian Oil Sands production in 2019 will be almost 230 000 bpd lower than last year, according to ESAI Energy’s recently published North America Watch.
The report says that planned Canadian oil sands projects are being pushed back in response to further delays in pipeline egress and the mandated output cuts by the Alberta provincial government.
However, chronic midstream infrastructure bottlenecks and low price environment can limit the progress of the oil and gas industry, says GlobalData.
Canada’s existing oil pipeline and railway capacity is enough to support oil sands current exports but with little extra room for logistic constraints.
The well will now be plugged and abandoned, and the rig will move to the site of the next drilling location on the South Disouq licence, the SD-4X appraisal well.
Mitsubishi Hitachi Power Systems (MHPS) announced that Suncor Energy has issued a Letter of Intent to purchase MHPS JAC gas turbine technology.
Add Energy has recently secured work with three operators in the North Sea for the provision of Environmental Management and Reporting Software (NEMS Accounter).