Oil-Sands Explorers Restore Some 20% of Shut-in Crude Production
- Cenovus, Imperial, Husky among companies resuming production
- Alberta’s output shrank by 1 million barrels a day amid virus
Photographer: Brent Lewin/Bloomberg
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At least 20% of shut-in Canadian production is being restored, just months after the price crash forced producers in Alberta’s oil sands to slash up to 1 million barrels a day of output.
Cenovus Energy Inc., Husky Energy Inc. and Baytex Energy Corp. are among companies that have resumed shut-in production as prices rise above $40 a barrel. Imperial Oil Ltd., operator of the Kearl oil sands mine and Cold Lake wells, also expects to return to full upstream production after most maintenance is wrapped up in the second quarter, Chief Executive Officer Brad Corson said. ARC Resources Ltd. on Tuesday said it had restored output.