Alberta Announces Mandatory Production Cuts; Stocks Mixed on the News
On Dec. 2, Alberta Premier Rachel Notley announced production cuts of 325 thousand barrels per day of crude oil and bitumen in Alberta. The cuts become effective Jan. 1, 2019 and extend throughout 2019. Initially, the 325 mbbl/d will be in place until excess storage is drawn down, which is expected to take three months. After which, production cuts will drop to 95 mbbl/d and will undergo monthly adjustments to match production with takeaway infrastructure. The mandatory cuts could be lifted befo...MEG Energy is engaged in a steam assisted gravity drainage oil sands development at its 80 section Christina Lake Regional Project. As of Dec 31 2010, Co. had total proved bitumen reserves of 605.9 gross thousand barrels (470.5 net thousand barrels).
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