Chevron acquires oil sands leases in Canada
Posted: 06 March 2006
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Chevron said it has acquired five heavy oil leases in the Athabasca region of northern Alberta. The leases comprise about 75,000 acres and possess an estimated 7.5 billion barrels of oil in place.
The new leases are approximately 24 miles south west of Athabasca Oil Sands Project, where Chevron is a 20 percent joint venture participant.
The resource has the potential for recovery using Steam Assisted Gravity Drainage (SAGD), a proven in situ technology that uses steam and horizontal drilling to extract the bitumen, the company said in a statement.
Two other companies will each have the right to elect to acquire a 20 percent working interest in these leases.
George Kirkland, Chevron Corporation's executive vice president, Upstream and Gas, said: "This opportunity expands our efforts to develop high-quality, large-scale resources to enhance our production growth profile. Our goal is to lead the industry in the selection and execution of major capital projects, and we are excited by the opportunity to build on our position in the Canadian oil sands."
Alex Archila, president, Chevron Canada Limited added: "This acquisition places Chevron in an excellent position to pursue in situ oil sands development. It offers the opportunity to build upon our existing thermal and oil sands knowledge and capabilities."
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