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Oilpatch restarts production that was shut in due to Alberta wildfires

Crescent Point Energy Corp. says it has resumed the production that was shut in due to the Alberta wildfires. The Bald Mountain Wildfire is shown in the Grande Prairie Forest Area on Friday May 12, 2023. This handout image was provided by the Government of Alberta. THE CANADIAN PRESS/HO-Government of Alberta Fire Service **MANDATORY CREDIT **

CALGARY — Crescent Point Energy Corp. said Monday it has resumed production at its operations that were shut in due to the Alberta wildfires.

The Calgary-based company was one of a number of oil and gas producers that was forced to temporarily halt output in the Kaybob Duvernay region earlier this month as wildfires blazed in central and northern Alberta.

At one point, analysts estimated that more than 200,000 barrels of oil equivalent per day of production was shut in across Alberta.

But as the situation improves, some companies have been able to resume operations. Crescent Point said that over the past week it has brought back on stream the full 45,000 barrels of oil equivalent per day (boe/d) of Kaybob Duvernay production that had been put on hold.

It says no damage has occurred to the company's assets.

On Monday, Paramount Resources Ltd. also said it has restored the majority of production that it had temporarily curtailed. Paramount said it has fully resumed operations in the Grande Prairie Region, and all but 5,000 of the 14,000 boe/d still shut in the Kaybob region is expected to be producing again within a week.

Alberta remains in a state of emergency, with the fire danger considered to be very high in the northern regions of the province and moderate to high in the central and southern regions.

There are currently 50 active wildfires burning in the province, with 14 out of control.

This report by The Canadian Press was first published May 29, 2023.

Companies in this story: (TSX:CPG, TSX:POU)

The Canadian Press

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