Connacher maintenance accelerated, output cut by 20 per cent
Connacher reducing output during oil price slide
Connacher Oil and Gas Ltd. says it will reduce its output at its Great Divide oilsands operation in northern Alberta by about 3,000 barrels per day. Alberta Oil Magazine photo.
CALGARY _ Connacher Oil and Gas Ltd. (TSX:CLC) says it will accelerate planned maintenance at its Great Divide oilsands operation near Fort McMurray, Alta., in light of currently low commodity prices.
The Calgary-based company says its output will be reduced by about 3,000 barrels per day of bitumen, the tarry substance extracted from Alberta’s oilsands.
That would be equivalent to about one-fifth of Connacher’s average daily output of bitumen over the first nine months of 2015.
Crude oil prices have fallen to post-recession lows in recent weeks, continuing a downward trend begun in late 2014 because of an oversupply and slowing growth in demand.
The Canadian Press
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