Cenovus sees new Opportunities in Sask Sask. to increase oil production with new multilateral well drilling program
“This innovative technique will put more rigs and workers in the field and support the Growth Plan goal of increasing oil production by 25 per cent to 600,000 barrels per day,” Energy and Resources Minister Jim Reiter said during an announcement at the Petroleum Technology Research Centre in Regina.
The province says the multilateral drilling configurations allow a well to access more of an oil reservoir. It says the program will grow oil production in the province and create a competitive royalty regime that will increase investment in the province.
Cenovus Energy CEO Jon McKenzie on Tuesday said the incentive program “opens up significant new drilling investment opportunities in Saskatchewan” for his company.
“It aligns with our focus to strategically build our integrated position in the Lloydminster region and we anticipate it will have positive impacts for provincial employment as well as new production growth,” he added.