OSUM accelerates plan to double capacity at Orion
Privately-held Osum Oil Sands says it plans to start working on the Phase 2C expansion of its Orion Thermal Project located in the Cold Lake region.
Phase 2C will be executed concurrently with its previously announced Phase 2B expansion.
The Orion SAGD facility currently produces over 9,000 bbl/day. Phase 2B will begin steaming by the middle of this year, adding 3,000 bbl/day of production capacity. Phase 2C will begin steaming by the fourth quarter, adding 6,000 bbl/day of capacity and bringing total output to 18,000 bbl/day. Orion has regulatory approvals in place for 20,000 bbl/day.
Osum also owns the yet-undeveloped Taiga lease, which already has regulatory approvals in place for 35,000 bbl/day of production.
The company says the Orion expansion will be funded internally.