Strathcona Resources celebrates first steam at its Meota Central project and provides an update on Lloydminster thermal operations.
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Meota Central hits first steam ahead of schedule and 3 per cent under budget at $345M. Strathcona expects first oil in the third quarter.
Meota Central is targeting approximately 13,000 barrels per day (bbls/d) by mid-2027. According to Strathcona, the project represents an important milestone in growing the company’s corporate production from 125,000 bbls/d this year to 300,000 bbls/d by 2035.
Lloydminster thermal
The company provided details regarding Strathcona’s thermal business as a whole, including an ambitious goal to quintuple Lloydminster thermal production to 150,000 bbls/d by 2035.
Management noted the company is well-positioned with a large land holding in Saskatchewan.
“Strathcona has a dominant land position in the Lloydminster thermal fairway, controlling an estimated 70 per cent of all remaining identified thermal resource in Saskatchewan,” the company outlined in a report.
As part of its larger goal, the development plan comprises two multi-phase brownfield expansions and one greenfield project. Future developments will also expand into areas such as Plover Lake.
Strathcona also praised the team leading the Lloydminster thermal operations.
“The team continues to explore new and innovative ways to improve all aspects of the business,” Strathcona said in its report.
According to Strathcona, operating in Saskatchewan means lower costs, lower royalties and quicker approvals. Four small-scale steam-assisted gravity drainage (SAGD) assets make up Strathcona’s Lloydminster thermal business.
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