CN Energy Group (CNEY) has announced that production has begun at an oil well project in the Cold Lake region of Alberta, Canada, in which CNEY Canada, its Canadian fully owned subsidiary, has an investment interest.
The company is carrying out the project through Blessing Logistics, a wholly owned subsidiary of CNEY Canada.
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The project’s completion and commencement of operations mark a move by the company to expand its North American energy development.
The Cold Lake area is recognised as a major oil-producing region in Canada.
According to CNEY, the project is a step towards building a platform that brings together oil production, investment, trading and supply chain services.
CNEY stated it is making use of local energy resources, investment capital and operational capability to support the integrated development of oil well investment, crude oil production, transportation, trading and supply chain management.
The company added that it will continue to look for oil and gas investment opportunities in both Canada and across North America.
Upcoming projects are set to be prioritised based on established infrastructure, resource stability, operator experience and sales channels.
Future plans also include a focus on production management, cost control measures, environmental compliance, operational safety and monitoring supply chain risks.
CNEY interim CEO Wenhua Liu said: “The successful commencement of production at the Cold Lake oil well project marks an important milestone in the execution of our North American energy strategy.
“We are expanding beyond our existing energy businesses into oil asset investment, production operations and supply chain services.
“By combining Canadian energy resources, institutional investment capital and experienced operating teams, we aim to build a scalable energy investment and supply chain platform that can generate new opportunities for long-term growth.”
