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Japex to keep Canada oil sands ops idle after fire due to low prices

Published 2016-05-12, 02:26 a/m
© Reuters. Japex to keep Canada oil sands ops idle after fire due to low prices
1662
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TOKYO, May 12 (Reuters) - Japan Petroleum Exploration
(Japex) will not restart production at its Hangingstone oil
sands concession in Alberta, Canada, for the foreseeable future
due to low prices, even after devastating fires in the area were
brought under control.
Japex 1662.T , which shut down its 5,000 barrels per day
(bpd) Hangingstone plant last week, said the plant was not
damaged in the fires that broke out in Fort McMurray, about 60
km (36 miles) to the north.
The company will move staff to an area nearby that it calls
the Hangingstone expansion project, where Japex is aiming to
start production of up to 20,000 bpd of bitumen from 2017.
The shutdown of Japex's Hangingstone production is a
fraction of the roughly 1 million bpd that closed down because
of the fire, half of Canada's daily output.
Active fire hotspots http://tmsnrt.rs/1rxxCHo
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