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Bullboard - Stock Discussion Forum 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... see more

TSX:ATH - Post Discussion

Athabasca Oil Corp > Firebag Shutdown
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Post by Dibah420 on Jul 05, 2024 9:02am

Firebag Shutdown

4 COMMENTS
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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.

Comment by CJInvestor on Jul 05, 2024 11:33am
Is this affecting Ath?
Comment by SmokeyOB on Jul 05, 2024 12:08pm
Must be affecting it. ATH should be about 30 cents a share higher right now from where it is. 
Comment by Gringotts on Jul 05, 2024 12:21pm
If it keeps dropping in price, I think management may need to give a statement, regarding the fires impact on operations.
Comment by woodsmen on Jul 05, 2024 12:31pm
All Oil & Gas stocks are down 1-4% every single one of them......and some with operations 600 miles away from this litlle Media Smoke scare of a Fire.
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