- MEG Energy (TSX:MEG) began an evacuation of personnel from its Christina Lake Regional Project because of Alberta’s wildfire threat
- The Calgary-based company has started moving non-essential workers out of the area as the province declared the wildfire situation near Fort McMurray as “extreme”
- One 30,000-square-metre fire is burning within 10 kilometres of MEG’s Christina Lake site, which produced almost 100,000 barrels of oil a day in May
- Shares of MEG Energy opened at C$28.32
MEG Energy (TSX:MEG) began moving personnel out of its Christina Lake Regional Project because of Alberta’s wildfire threat.
The Calgary-based company has started moving non-essential workers out of the area as the province declared the wildfire situation near Fort McMurray as “extreme” and continues to deal with several major wildfires, all managed together.
One 30,000-square-metre fire burns within 10 kilometres of MEG’s Christina Lake site, which produced almost 100,000 barrels of oil a day in May.
Located in the southern Athabasca region, the Christina Lake Project is 150 kilometres south of Fort McMurray.
Composed of approximately 200 square kilometres of leases, this operation has regulatory approvals in place to produce approximately 210,000 barrels of oil per day (bpd).
“Out of an abundance of caution, we are taking precautions to ensure the safe and orderly withdrawal of all non-essential personnel,” MEG’s president and CEO, Darlene Gates, said in a news release. “Our focus is to minimize and mitigate any potential impact on our people and our operations. At this time, the wildfires do not pose an imminent threat to the Christina Lake Regional Project and production continues as normal. We are working with relevant authorities and continue to monitor the situation.”
Wildfires that have burned in the province this year have reduced oil sands production (the world’s third-largest crude reserves) from a number of companies, according to Bloomberg, while crude prices rise higher.
Currently 135 wildfires are active in the province. For the latest on the ongoing situation, visit the Ministry of Forests and Parks website.
MEG Energy Corp. is focused on sustainable in situ thermal oil production in the southern Athabasca oil region of Alberta.
Shares of MEG Energy Corp. (TSX:MEG) opened 0.74 per cent lower at C$28.32.
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(Top image: Government of Alberta Ministry of Forests and Parks)