BlackGold reaches design capacity, well ahead of schedule
Calgary-based Harvest Operations Corp says its BlackGold in-situ facility reached nameplate capacity in May, several months earlier than planned.
BlackGold is located 10km southeast of Conklin, just north of the Jackfish properties. The steam-assisted gravity drainage (SAGD) project began steaming in the spring of 2018, achieving first oil last September. The company had initially expected to reach full capacity by the fourth quarter of this year.
Harvest says the SAGD plant averaged 8,900 bbl/day in the second quarter, and touched its design capacity of 10,000 bbl/day at the beginning of May. Since it averages less than 10,000 bbl/day, the Harvest has so far been exempted from Alberta's curtailment quotas.
Harvest Operations is a wholly-owned subsidiary of Korea National Oil Company (KNOC), which is 100% owned by the Korean government.
The Canadian subsidiary contains KNOC's largest 2P reserves, estimated at 434 million barrels of oil equivalent, or roughly one-third of KNOC's entire reserves. KNOC acquired Harvest at the end of 2009 for $4 billion.
Including its conventional properties in Alberta and BC, Harvest produced around 35,000 boe/day of oil and gas last quarter.