Husky Energy says its thermal oilsands project that was shut down while wildfires swept through the Fort McMurray, Alta., region in May is already back to producing bitumen at its previous level.
Husky Energy Mining News
Canada’s No. 3 integrated oil company, reported a smaller-than-expected quarterly loss as the focus on fewer, more efficient resource plays helped reduce production costs.
Faced with record low prices for heavy crude, Canadian energy companies are sacrificing other parts of their business to keep higher-cost oil sands production going.
And oil prices keep falling — they have kicked off the week in the red, with U.S. prices trading below $48 a barrel.
Energy regulator says it holds as much as 200 billion barrels of shale oil reserves, comparable to North Dakota’s thriving Bakken field.
The Sunrise Phase 1 oil sands project is expected to have initial capacity of 60,000 barrels per day.
Husky Energy told analysts on Wednesday that the company had sold one million barrels of crude from its White Rose operation to an Indian refinery.