Oil & Gas
The Clearwater heavy oil resource play in northern Alberta, pioneered by private operator Spur Resources, has seen rapid growth in the last five years with production climbing from a little over 4,300 bbls/d in 2017 to exit 2021 at around 60,000 bbls/d. Production could reach 70,000 bbls/d by the end of the first quarter of 2022.
Developed using multilateral wells without stimulation, the Clearwater presents compelling economics and quick return on investment. Well licensing and drilling skyrocketed in 2021 as operators moved to take advantage of rising oil prices. Consolidation in the Clearwater continues while exploration to expand the play from its base at Marten Hills and Nipisi accelerates.
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Clearwater growth exploding: Daily Oil Bulletin infographic – JWN
Oil & Gas