Athabasca Oil Corp. logo

By The Canadian Press

Athabasca Oil to shut down Hangingstone SAGD oilsands project and cut staff

Apr 3, 2020 | 10:56 AM

CALGARY – Athabasca Oil Corp. is suspending operations at its Hangingstone SAGD oilsands operation due to the drop in oil prices and the COVID-19 pandemic.

The company says it’s also reducing its corporate staff by 15 per cent

The shutting down of Hangingstone involves shutting in the well pairs and halting steam injection to the reservoir as well as ensuring that the processing facility and pipelines can be re-started in the future.

Athabasca says the project has an operating break-even price of approximately US$37.50 per barrel for Western Canadian Select, which was trading for US$9.92 per barrel midday.

The company says it now expects to produce 30,000 to 31,500 barrel of oil equivalent per day this year, down by about 2,500 barrels related to the shut-in.

Meaningful Mementos

Remembering Someone You've Lost at Christmas

Dec 03, 2024

Seasonal Sorrow

How Do You Get Through The Holidays When You're Grieving?

Nov 01, 2024

Upcoming Events at Oliver's

Grief & Loss and Estate Planning Seminars

Oct 02, 2024

Hangingstone began construction in 2013 and was commissioned in 2015.