Companies that are exploring
Oil Sands - Oil Sands Stocks
Marathon Oil MRO - Marathon’s third quarter 2010 net synthetic crude production
(upgraded bitumen excluding blendstocks) from the Athabasca Oil Sands Project (AOSP) mining operation was flat year over year
at 27,000 barrels per day (bpd), but above previous guidance for the quarter.
For the first nine months of 2010, net synthetic crude production averaged 21,000 bpd, compared to
27,000 bpd for the same period last year. The decrease was largely due to AOSP turnaround activities that began March 22,
2010 and halted production until a staged resumption of operations in May. Marathon expects fourth quarter net synthetic
crude production will be between 28,000 and 34,000 bpd, with anticipated full-year net synthetic crude production estimated
to be approximately 23,000 bpd.
Devon Energy DVN - In Canada, net production from Devon's Jackfish oil sands project
averaged 21,300 barrels per day in the third quarter. Jackfish was taken offline for scheduled plant maintenance during the
last three weeks of the third quarter and resumed operations on September 30, 2010. Construction of Devon's second Jackfish
oil sands project is now approximately 90 percent complete. The company plans to commence steam injection at Jackfish 2 in
the second quarter of 2011, with first production expected by the end of next year. Devon sanctioned its third
Jackfish development project and filed a regulatory application in the third quarter. The company could begin facilities construction
at Jackfish 3 by the end of 2011, with plant start-up targeted for 2015.
Nexen NXY - Nexen continues to make progress on various initiatives to support the ramp-up of production
and improve operational performance. Seven of the ten wells on pad 11 have completed initial steaming and production commenced
late in the first quarter of 2011. We recently completed the installation of additional natural gas pipeline capacity that
is expected to be in service this summer, enabling more consistent steam generation independent of upgrader operations. Nexen
commenced drilling of the 18 wells on pads 12 and 13, and steaming and production are expected to begin next year. Work continues
on the addition of two once-through steam generators that are expected to add 10 to 15% to the existing steam capacity late
2012. Work also continues on a diluent recovery unit to allow for continued production of dilbit for sale when the upgrader
One of the key learnings from Long Lake relates to our strategy around resource development. Nexen's
original strategy was to minimize capital investment by prioritizing the development of the resource closest to the upgrader
rather than developing the highest quality areas in priority. Nexen has focused on high-grading the resource development with
pads 11 through 13, which are among the highest quality resource on the lease. We are assessing accelerating the development
of additional pads on high-quality resource to grow bitumen volumes.
These initiatives increase the overall project
cost by 10 to 15%. These incremental investments are highly economic. On a full-cycle basis, robust oil prices and high-quality
upgraded crude will deliver strong cash flows and return on capital employed.
Work on the Kinosis project also
continues. Extensive core hole analysis on this reservoir confirms this is a high-quality resource. We are committed to the
development of our oil sands leases and plan to develop Kinosis in two smaller SAGD stages of about 40,000 bbls/d each with
upgrading available after ramp up.
Statoil (STO) - Statoil Canada Oil Sands - Statoil’s oil sands leases are located approximately 120 kilometres south of Fort McMurray
in the Athabasca region of north east Alberta. The company’s next phase, Corner, is a proposed 40,000 bpd facility,
which along with the eventual further expansion of Leismer to 40,000 bpd, recently received approval by the Alberta Energy
Resources Conservation Board (ERCB).
"We are very pleased with the safe start up of this demonstration facility
and first oil at Leismer," said Lars Christian Bacher, president of Canadian operations for Statoil Canada Ltd. “This
is truly a milestone for our business in Canada.”
-Suncor Energy Inc. (SU)
-Chevron Corporation (NYSE: CVX)
-Syncrude Canada Ltd.
Resources Limited (TSX: CNQ NYSE: CNQ)
-Total S.A. (Euronext: FP, NYSE:
-Imperial Oil Limited (TSX: IMO AMEX:
-Husky Energy Inc. (TSX: HSE)
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