January 8, 2018
One company is doubling down on its expansion at its Orion Thermal Project in Cold Lake, Alta.
Osum Oil Sands Corp., a private oil sands company, today announced the commencement of the Phase 2C expansion at its Orion Thermal Project, located in the Cold Lake oil sands region of Alberta.
“We are on a clear path to double production by the end of 2019, moving us closer to our goal of producing 20,000 barrels per day at Orion,” said Steve Spence, President and CEO of Osum. “This production growth will provide significant operating cost savings on a per barrel basis – further strengthening project returns and positioning the Company for sustainable growth in a moderate oil price environment.”
The Phase 2C expansion will be executed concurrently with the Phase 2B expansion that was announced in October 2017 and will be funded from cash on hand and with cash flow. When completed, the two phases will increase total production capacity to over 18,000 barrels per day. Osum is currently producing in excess of 9,000 barrels per day at the Orion Project.
Osum also has regulatory approval for its 35,000 barrels per day Taiga Project, a greenfield development located less than twenty kilometres from Orion.
(Osum Oil Sands Corp.)