Osum to purchase Orion project from Shell for $325 million (Can.)

Osum Oil Sands Corp., Calgary, plans to purchase the Orion oil sands project in Alberta from Shell Canada for $325 million (Can.).

The transaction is expected to close at the end of July. Osum will have operatorship and 100% working interest.

Steve Spence, Osum’s president and chief executive officer, said by linking Orion with its nearby Taiga project, the company “has a unique opportunity to build a significant production platform in the Cold Lake region.”

Orion is about 18 km southwest of Taiga, which has received regulatory approval for construction and operation of a 35,000-b/d facility (OGJ Online, Sept. 12, 2012).

Orion has been producing commercially since 2007 using steam-assisted gravity drainage. Production in the first quarter averaged 6,700 b/d of bitumen from 22 well pairs.

Osum is a private oil sands producer established in Alberta in 2005.

Related Articles

Lukoil Overseas makes management appointments

07/09/2014

Lukoil Overseas has made several management appointments.

 

KKR, Riverstone to form Barnett-focused Trinity River Energy

07/09/2014 Kohlberg Kravis Roberts & Co. LP (KKR) and Riverstone Holdings LLC have signed a definitive agreement to combine the existing assets held by KK...

Suncor, GE aim to reduce GHG emissions, water usage in oil sands

07/09/2014 Suncor Energy Inc., Calgary, and GE have signed two agreements that aim to reduce greenhouse gas (GHG) emissions and water usage in the oil sands.

MARKET WATCH: Oil prices continue down on London, New York markets

07/09/2014 Crude oil prices on the New York market dropped modestly on July 8, settling down for the seventh consecutive session while oil prices on the Londo...

Careers at TOTAL

Careers at TOTAL - Videos

More than 600 job openings are now online, watch videos and learn more!

 

Click Here to Watch

Other Oil & Gas Industry Jobs

Search More Job Listings >>
Stay Connected