By Ketki Saxena
Investing.com -- In the aftermath of the recent wildfires in Alberta, Canada, oil and gas companies are gradually resuming production.
Crescent Point Energy Corp (TSX:CPG). announced on Monday that it has recommenced operations that were halted due to the fires earlier this month. The company was among several producers compelled to temporarily cease output in the Kaybob Duvernay region as central and northern Alberta battled raging wildfires. Analysts had estimated over 200,000 barrels of oil equivalent per day (boe/d) being shut down across the province during this period.
Over the past week, Crescent Point has fully restored its 45,000 boe/d production capacity at Kaybob Duvernay. The company confirmed no damage was sustained by its assets during the fires.
Paramount Resources (TSX:POU) Ltd., another energy company affected by the wildfires, reported on Monday that it too resumed most of its curtailed production. The firm stated that full-scale operations have restarted in Grande Prairie Region. Meanwhile all but 5,000 out of 14,000 boe/d still remain shut down in Kaybob region; however they expect to be back online within a week's time.
Despite improvements for some businesses operating within Alberta's energy sector, there remains an ongoing state of emergency throughout much of Alberta's northern regions where fire danger is classified as very high. The province's central & southern regions face moderate-to-high risk levels from potential wildfire incidents. There are currently fifty active fires burning across entire province including fourteen considered out-of-control at present moment according to government sources.