Heavy Oil Industry Sees Bright Future with Tech and Investment

The Lloydminster Heavy Oil Show highlighted growing optimism for the heavy oil industry's future, driven by technology and investment.

Dozens of exhibitors gathered at the biannual show in September, featuring 208 exhibits from around the world. Andrew Oracheski, chairman of the event, described it as 'a pretty positive and optimistic show this year.'

Companies like Strathcona Resources Ltd., which produces approximately 125,000 barrels of oil per day, are investing in new ways to produce more efficiently. The company aims to reach over 200,000 barrels per day within five years through new and expanded thermal operations.

Dale Babiak, chief operating officer of Strathcona Resources Ltd., said the growth will come from increased operations in Saskatchewan and the Cold Lake area in Alberta. He mentioned that much of the production will come from projects like the twinning of their Lindbergh asset, which would add another 22,500 barrels a day.

Tech companies are also developing solutions to address smaller problems that can have a big impact on production. Evolution Artificial Lift is working on tools to address vibration in progressing cavity pumps, designed to extend the life of equipment and reduce maintenance time.