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

Market watch: Energy futures prices rose slightly Friday

05/06/2002 Crude oil futures prices rose slightly Friday amid lingering uncertainty about a possible disruption of Middle East supplies, although tensions in ...

Gulf of Mexico oil service sector showing signs of an upturn

05/06/2002 The Gulf of Mexico oil service sector is experiencing the signs of an upturn, analysts with Simmons & Co. International, UBS Warburg LLC, and RBC D...

OTC: Industry, national agencies need to work together to make FPSOs work in the gulf

05/06/2002 Over the coming years, the oil and gas industry will have to keep an open line of communication with national agencies such as the US Coast Guard a...

Market watch: Energy futures prices fall as Iraq lifts embargo

05/07/2002 Crude oil futures prices fell Monday after Iraq announced plans to lift a self-imposed export embargo with exports expected to resume by Wednesday.

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