Devon Energy will move forward with third development project on its Jackfish oil sands leases in Alberta following approvals from the firm’s board.
Devon plans to start work on facilities at Jackfish 3 by the end of 2011, with plant start-up targeted for 2015.
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Once fully operational, Jackfish 3 is expected to produce an average of 35,000 barrels of oil per day.
The third phase is expected to have a potential for 300 million barrels of recoverable oil and expected to require $1.2bn of capital.
Jackfish 3 is similar to the previous phases, employing steam-assisted gravity drainage (SAGD) technology.
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By GlobalData
