MacKay River oil sands project receives Alberta approval

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MacKay River oil sands project receives Alberta approval

Wednesday, December 28, 2011 at 11:46AM

Athabasca Oil Sands Corp. has announced that MacKay Operating Corp. has received regulatory approval from Alberta Energy Resources Conservation Board and Alberta Environment and Water for the MacKay River commercial oil sands project.

The company filed the application on December 10, 2009, and MacKay Opco received the final approval on December 23, 2011.

The MacKay River project is a 150,000 barrels per day (bbl/d) steam-assisted gravity drainage (SAGD) project with Phase 1 expected to produce 35,000 bbl/d of oil. Construction of the project will begin next month with start-up targeted for 2014.

MacKay Opco is a Calgary-based joint venture between Athabasca and Cretaceous Oilsands Holdings Limited, a wholly owned subsidiary of PetroChina. The company was formed to operate the jointly owned MacKay River oil sands leases.

Athabasca, focused on development of oil resource plays in Alberta, has accumulated a large, high quality resource base suitable for extraction of extra heavy crude oil (bitumen) and light oil. The company is well financed and poised to become a major Canadian oil producer.

* SPECIAL OIL & GAS |

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