Osum charts a "clear path for positive growth" in Cold Lake
Orion currently produces 7,500 to 8,000 bbl/day of bitumen from the Clearwater Formation using steam-assisted gravity drainage (SAGD). A recently completed Phase 2A expansion will add another 1,500 bbl/day over the next 12 months. Osum purchased the Orion facility from Shell in 2014.
The newly-sanctioned Phase 2B expansion will add another 3,000 bbl/day of capacity by the middle of 2019. Orion already has regulatory approvals in place for up to 20,000 bbl/day of production. The company has sold a 4% royalty interest in the oil sands facility for $92.5 million in order to pay for the expansion.
Osum also owns the larger Taiga lease, also located in the Cold Lake area. Taiga has regulatory approvals in place for 35,000 bbl/day of production.
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