Strata Oil & Gas Inc. (SOIGF) today released its semi-annual update on bitumen production in the Peace River and nearby Athabasca regions of Alberta.
Recent activity in Alberta's Carbonate Triangle signals future expansion for oil companies in the region.Strata Oil's recent core analysis provided new findings to validate the positive economics of the Cadotte oil project. This in-depth study conducted for Strata's Debolt reservoir revealed reservoir quality rock as well as a primary pay zone that may be much thicker than previously estimated.
Suncor Energy, the largest oil and gas company in Canada, along with their joint-venture partners, Total S.A. (a French oil company) and Teck Resources Ltd. (a Canadian diversified miner), has announced that they will be moving forward with their Fort Hills mine project located in the Athabasca oil sands in northeastern Alberta. The project has been restarted after it was put on hold during the economic crisis of 2008. Suncor estimates that first oil production will begin in the fourth quarter of 2017, climbing up to 180,000 barrels of oil per day inside of 12 months.
Shell Canada has given the go-ahead on its Carmon Creek project (located next door to Strata Oil). This project was put on hold 3 years ago in an attempt to conserve money, and although final costs haven't been estimated for the project, it is anticipated to cost billions. This project could commence production around 2017 with a projected 80,000 barrels of oil per day.
The Alberta and British Columbia governments have reached an agreement on the Northern Gateway Pipeline as of November 5, 2013. This agreement, long in the making, would give the Peace River oil sands a direct "gateway" to the Canadian West Coast and open the door to vast exports to Asia.
Alberta's premier will head to Washington this week to push for approval of the Keystone Pipeline. Although the future of the Keystone Pipeline is not finalized, environmentalist opposition has waned and the southern portion of the pipeline, which extends from Cushing, OK to the Gulf Coast Refineries in Texas, has been completed by Trans Canada. A decision is expected on the Keystone Pipeline next year. The pipeline opens up additional market access for Alberta Bitumen.
Laricina Energy is expected to begin clearing for their Stony Mountain Pipeline project in the western Athabasca Oil Sands in the winter of 2013/2014, near the Laricina Saleski project. This is very positive news for the company since they received regulatory approval from the government of Alberta for the Saleski Project Phase 1 expansion in July of this year. The Saleski project targets bitumen carbonate in the Grosmont formation and is designed to produce 10,700 barrels of oil per day.
President of Strata Oil, Ron Daems, speaking to the significance of these events said, "The Carbonate Triangle is flourishing with activity, and the continued development of the massive crude deposit bodes well for shareholders of Strata Oil."