NEWS
01/08/2016 03:30 EST | Updated 01/08/2017 00:12 EST

Connacher to cut bitumen output by 20% while operation undergoes maintenance

CALGARY — Connacher Oil and Gas Ltd. (TSX:CLC) says it will accelerate planned maintenance at its Great Divide oilsands operation near Fort McMurray, Alta., in light of currently low commodity prices.

The Calgary-based company says its output will be reduced by about 3,000 barrels per day of bitumen, the tarry substance extracted from Alberta's oilsands.

That would be equivalent to about one-fifth of Connacher's average daily output of bitumen over the first nine months of 2015.

Crude oil prices have fallen to post-recession lows in recent weeks, continuing a downward trend begun in late 2014 because of an oversupply and slowing growth in demand.

 

 

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