Tuesday, June 26, 2012

Recent Long Lake performance better than expected

The Long Lake site.
Photo from
Global Forest Watch Canada
Much  maligned Long Lake, a property operated by Nexen, has apparently had some promising performance from its latest few pads.

Nexen claims Pad 11 is performing in the "high range" of expectations and that Pad 12 has had faster startup and performance from early wells than expected. Construction of Pad 13 has been accelerated as a result.

They claim "new completion technologies and processes" are responsible for the improved results. I believe it's merely fate dumping on OPTI one last time. OPTI was the original partner with Nexen in the project, but went bankrupt and sold its 35% share to CNOOC, probably at a substantial overall loss.

If it makes OPTI feel any better, Long Lake is still not exactly a star performer. Performance remains a fraction of the targeted 72,000 barrels per day.

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