OPTI Canada Inc. is a Calgary, Alberta-based company, established in 1999 to develop major integrated bitumen and heavy oil projects in Canada using its proprietary, next-generation OrCrude™ process. OPTI is focused on developing the fourth and next major integrated oil sands project in Canada, Phase 1 of the Long Lake Project (the Project), in a 50/50 joint venture with
Nexen Inc.
It is anticipated that the Project will deliver one of the highest quality synthetic crude oils ever produced from the Canadian oil sands with very low operating costs.
The Project will be the first to utilize OPTI’s OrCrude™ process, integrated with proven gasification and hydrocracking processes. Through gasification, this configuration substantially reduces the exposure to and the need to purchase natural gas. Through these processes, it is anticipated that the Project will deliver one of the highest quality synthetic crude oils ever produced from the Canadian oil sands with very low operating costs.
The first phase of the Project consists of 72,000 barrels per day of SAGD (steam assisted gravity drainage) oil production. The Project is expected to produce 58,500 barrels per day (bbl/d) of products, primarily 39° API Premium Sweet Crude (PSCTM) with low sulphur content, which makes it a highly desirable refinery feedstock.
First steam injection of the SAGD operation began in mid-April 2007. It is anticipated that SAGD volumes will ramp-up to full capacity over a 12 to 24 month period. First synthetic volumes of PSCTM are anticipated mid-2008.
We have received regulatory approval to begin our expansion into Phase 2 of the Project. The projected timeline for Phase 2 includes engineering in 2006 and 2007 and potential project sanctioning in 2008.
