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Callum Turcan

Update: Canadian Forest Fires Shut Down 10% Of Oil Sands Output

Source: Bureau Of Land Management

Following up on "Forest Fires Shut Down 7%+ Of Canadian Oil Sands Output", a new report shows that 10% of Canada's oil sands heavy crude output has now been shut down due to forest fires that started last Friday. That is equivalent to 230,000 barrels a day of production, which should help reduce the supply glut in North America and the world, at least temporarily. Additional facilities may be turned offline, as Statoil's (NYSE:STO) Leismer development is still operational but the company has evacuated all non-essential staff. So far, Cenovus Energy's (NYSE:CVE) 135,000 BBL/d Foster Creek facility, which is also 50% owned by ConocoPhillips (NYSE:COP), has been shut down, as has construction on Cenovus' not yet producing Narrows Lake oil sands project. Canadian Natural Resources (NYSE:CNQ) has cut a combined 98,000 BBL/d of output from its Kirby South and Primrose operations, and MEG Energy (OTCPK:MEGEF) has stopped its operations at its Christina Lake facility. Hopefully the fires will be brought under control soon. We will have to see. To read more about the oil & gas sector, check out these articles

Disclosure: Callum Turcan, the author, does not own any of the companies mentioned above. Always do your own due diligence before investing. 

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