Canada’s Crew Energy completes transition to gas
Canada’s Crew Energy said October 28 it had completed its transition to a pure-play Montney producer and has now set its sights on boosting natural gas production by 22% by 2022.
Late in the third quarter it completed the C$10.3mn (US$8.3mn) sale of its Lloydminster heavy oil assets, which represented about 4% of its total production profile but 19% of its total corporate operating costs.
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“Given Lloydminster previously represented Crew’s most emission-intensive asset, we will have removed 46% of Crew’s direct 2020 GHG emissions (Scope 1) and anticipate the company’s total GHG emissions intensity will be reduced significantly going forward, putting Crew on a path to reach our emissions reduction goals earlier than anticipated,” the company said.
Crew said it will now focus entirely on its Montney assets, which comprise about 264,000 net acres and are expected to produce an estimated 27,000 barrels of oil equivalent (boe)/day this year, including 162mn ft3/day of natural gas. By 2022, it hopes to be producing 33,000 boe/day, including 198mn ft3/day of natural gas.
In the wake of the Lloydminster asset sale, Crew’s natural gas production reached a record 149mn ft3/day, based on field estimates, into what the company said was a “very strong commodity price environment.”
Crew said it expects to release its Q3 2021 financial results after markets close on November 4.