MEG's plan to boost production and lower emissions at Christina Lake

MEG's plan to boost production and lower emissions at Christina Lake

MEG Energy says it plans to produce more oil next year, about 6% more to be exact. The company expects its bitumen production to average about 81,000 bbl/day this year, rising to an average of 85,000 to 88,000 bbl/day next year.

MEG has set a 2018 capital budget of $510 million, about one-quarter dedicated to the completion of its Phase 2B eMSAGP growth project. Another $100 million is dedicated to developing the company's proprietary eMVAPEX technology, which includes injection of a light hydrocarbon to reduce steam loads.

Operating costs at its Christina Lake operations are expected to average about $5/bbl in 2018, ex-energy. A major turnaround is planned for the SAGD facility sometime next year.

MEG says it hopes to exit 2018 close to the 100,000 bbl/day mark and potentially expand production by another 10% in 2019. Christina Lake has regulatory approvals in place for 210,000 bbl/day.

 

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