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Veren Inc T.VRN

Alternate Symbol(s):  VRN

Veren Inc. is a Canada-based oil producer with assets in central Alberta and southeast and southwest Saskatchewan. The principal activities of the Company are acquiring, developing and holding interests in petroleum and natural gas properties and assets related thereto through a general partnership and wholly owned subsidiaries. Its core operational areas include Kaybob Duvernay and Alberta Montney, Shaunavon and Viewfield Bakken. Its Kaybob Duvernay is situated in the heart of the condensate rich fairway, Central Alberta, which provides low risk drilling inventory. Its Alberta Montney assets sit adjacent to its Kaybob Duvernay lands, possessing similar resource characteristics including pay thickness and permeability in the volatile oil fairway of the reservoir. Its Shaunavon resource play is located in southwest Saskatchewan. The Viewfield Bakken light oil pool is located in Saskatchewan.


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Post by Mrlongpantson May 11, 2023 9:28am
153 Views
Post# 35442801

GLTALongs.

GLTALongs.

UPDATE 1-Alberta producers restart oil and gas operations as wildfires temporarily ease, from 15 hours ago by Thomson Reuters

15 hours ago by Thomson Reuters
 

(Adds quotes from wildfire officials, status of wildfires, TC Energy restarting operations)

By Nia Williams

May 10 (Reuters) - A number of oil and gas companies in Canada's main crude-producing province Alberta restarted shuttered production on Wednesday as wildfires that sparked widespread evacuations eased, although officials warned conditions could deteriorate.

Producers shut in at least 319,000 barrels of oil equivalent per day (boepd), or 3.7% of the country's production, earlier this week as more than 100 fires ignited across Alberta, forcing nearly 30,000 people to flee their homes.

By Wednesday there were 78 active wildfires across the province, of which 24 were classed as out-of-control, and nearly 18,000 people remained under evacuation orders.

Producers Crescent Point Energy and Tourmaline Oil Corp, and pipeline company TransCanada Corp restarted facilities that had been shut down as a precaution.

Christie Tucker, information unit manager with Alberta Wildfire, said cooler weather in southern and central Alberta had allowed firefighters to make progress but high temperatures, especially in the north of the province, were expected to return.

So far this year there have been 421 wildfires in Alberta and 410,000 hectares (1 million acres) burned.

"For context that's about double average area burned for the entire wildfire season, and it's only May 10," Tucker told a press conference.

Crescent Point shut in 45,000 boepd in the Kaybob Duvernay region in response to the wildfires but said it has since restored approximately 75% of that production with no damage to its assets.

The company "plans to fully restore the remaining production once it is safe to do so", Crescent Point said in a news release.

Tourmaline said seven of its nine facilities that were shut in because of wildfires have resumed operations and are back to previous production rates.

Its two remaining facilities, representing about 16,000 boepd of production, are undamaged. The company said it is waiting for clearance from the Alberta government before restarting those facilities, likely in the next several days.

TC Energy said it has restarted all compressor units that were shut down due to wildfire precautions. On Monday the company shut down two compressor stations on its NGTL gas pipeline system, which connects most of the natural gas produced in western Canada to domestic and export markets. (Reporting by Nia Williams in British Columbia, Sourasis Bose in Bengaluru and Scott DiSavino in New York; editing by Diane Craft and Stephen Coates)

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