MEG Energy Corp is an oil and natural gas producer focused on oil sands and oil sand leases in Canada.
With interest in the southern Athabasca region of Alberta, it produces thermal oil and transports North America and international refiners.
The Calgary-based firm was incorporated in 1999.
It commenced the operation by purchasing nine sections in the Christina Lake region.
Through a substantial institutional investor, the energy company commenced characterization of resources at Christina Lake in 2003.
In 2004, it received official approval for the phase 2 project at the same facility. In addition, the company entered a joint venture partnership to operate and develop the Access Pipeline, followed by the commencement of operations in 2007.
The energy company went public in 2010 following an initial public offering and listing on the Toronto Stock Exchange under the symbol ‘MEG ‘.
The Canadian energy company aims to lower carbon emissions and improve oil recovery by using the SAGD technique (steam-assisted gravity drainage).
The company is reportedly committed to reducing energy, capital, water use and operating cost by deploying energy-efficient and sustainable technology.
The Christina Lake project and the Surmont project both are facilitated by the SAGD drilling technique.
Christina lake project
It is a multi-phase project situated in the northeast of Alberta. It consists of approximately 200 square kilometers of leases with 210,000 bpd capacity.
The project came on-stream in 2008 when Phase 1 produced 3,000 bpd, followed by Phase 2 contributing 22,000bpd production capacity.
In late 2013, the next step in the development of Christina Lake commenced with Phase 2B producing at a design capacity of 35,000 bpd. However, the deployment of reservoir technologies has enabled it to go beyond an initial design capacity, the company claims.
Located in the Alberta’s southern Athabasca region, it also represents multi-phase development. It is situated in an area that has developed and explored natural gas projects and oil resources for many years.
Similar to the Christina Lake project, the leases will include well pads, a water treatment facility, an associated steam cogeneration plant, and other related facilities.
MEG Energy extracts bitumen utilizing SAGD technology, which reportedly provides several benefits over conventional oil sands mining. SAGD-based operations reportedly provide large access to resources, does minimum damage to the surface land and reduces environmental footprint, the company claims.
MEG Energy is also focused on in situ thermal oil development.