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Athabasca Oil Corp T.ATH

Alternate Symbol(s):  ATHOF

Athabasca Oil Corporation (AOC) is a Canadian energy company with a focused strategy on the development of thermal and light oil assets. AOC’s segments include Light Oil and Thermal Oil. The Thermal Oil segment includes the Company’s assets, liabilities and operating results for the exploration, development and production of bitumen from sand and carbonate rock formations located in the Athabasca region of Northern Alberta. It also consists of two operating oil sands steam assisted gravity drainage projects and a resource base of exploration areas in the Athabasca region of northeastern Alberta. The Light Oil segment includes its assets, liabilities and operating results for the exploration, development and production of light crude oil and medium crude oil, tight oil and conventional natural gas. Its Light Oil segment consists exclusively of the Duvernay in the Greater Kaybob area with about 155,000 gross acres across Kaybob West, Kaybob North, Kaybob East and Two Creeks.


TSX:ATH - Post by User

Post by Dibah420on Jul 05, 2024 9:02am
192 Views
Post# 36119383

Firebag Shutdown

Firebag Shutdown
4 COMMENTS
LISTEN TO THIS ARTICLE

Suncor Energy Inc. 

SU-T -0.02%decrease
 
 has shut down its 215,000 barrel-per-day (bpd) Firebag oil sands site in northern Alberta as a precaution due to a wildfire about eight kilometres (5 miles) away, an Alberta government minister said on social media on Thursday.

 

Suncor, Canada’s second-largest oil producer, said it was keeping only essential workers at the facility, which lies roughly 100 kilometres northeast of the oil sands hub of Fort McMurray.

The company declined to comment on whether Firebag production had been affected.

“An emergency-response team is monitoring the situation closely and prepared to take further action if necessary,” a Suncor spokesperson said in a statement.

“There is no risk to our other operations or the Firebag airport at this time.”

Alberta’s Minister of Forestry and Parks Todd Loewen said Firebag had been shut down on Wednesday night out of caution.

There are more than 60 fires across Alberta and officials have rated the danger in the province’s north as very high to extreme, he added.

Canada is the world’s fourth-largest oil producer and more than two-thirds of its 5 million bpd of crude comes from Alberta’s oil sands.

Imperial Oil, whose Kearl oil sands mine is about 20 kilometres north of Firebag, and Cenovus Energy, whose Sunrise facility is to the south, said their operations had been not affected at present.

“We are closely monitoring the evolving wildfire activity across northern Alberta, including near our Sunrise facility,” Cenovus said in a statement.

 

The blaze threatening Suncor’s site is part of the out-of-control Firebag Complex of wildfires, which is comprised of several new lightning-caused fires, according to Alberta’s provincial wildfire agency.

Weather forecasts show an extended period of hot weather will settle over Western Canada in the coming days, with temperatures expected to exceed 30 degrees Celsius (86 degrees Fahrenheit) by next week.

So far the wildfire season in Canada has been much quieter than last year, when more than 6,600 fires scorched a record-breaking 15 million hectares, an area roughly seven times the annual average.

But large swathes of western Canada are still abnormally dry due to ongoing drought and wildfire season tends to peak in July and August.


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