Project Profile
Value: US$260 - 320 million (estimate) - CAPEX update expected in June 2017
Location: 150 km southeast of Fort McMurray, Athabasca region, Alberta, Canada
Reserves: 888 million barrels, 2P Bitumen Reserves = 0.50 billions of barrels
Production: 45,000 bpd in Phase A
Capacity: 130,000 bpd (final stage)
Production life: 40 years
Construction start-up: 2017
Narrows Lake is part of ConocoPhillips’ FCCL asset (Foster Creek, Christina Lake and Narrows Lake). Narrows Lake involves same steam-assisted gravity drainage (SAGD) technology with the addition of butane - a solvent aided process (SAP), allowing oil to flow more freely, while also reducing water and gas needs. The new SAP innovation is expected to increase the total oil recovery by 15% and lower the steam to oil ratio (SOR) to 1.6.
Narrows Lake was approved in 2012. ConocoPhillips is expected to begin engineering work in 2017 after construction was delayed in 2015. The first phase A of FCCL\'s Narrows Lake is expected to have 45,000 bpd of production and the project will ultimately reach 130,000 bpd at the end of its third stage.
An update on capital costs and timing on Narrows Lake is expected in June 2017 by Cenovus.
Operators:
Cenovus Energy: Operator with 50% interest
ConocoPhillips: 50% interest