BlackGold oil sands project on hold, Harvest cuts 105 jobs – Calgary Herald
April 1, 2015
Korean-owned Harvest Operations Corp. has cut 105 jobs and will delay start-up of its 10,000-barrel-per-day BlackGold thermal oilsands project until benchmark New York oil prices improve to above $60 US per barrel.
The Calgary-based arm of Korea National Oil Corp. said it has completed construction of well pads, connecting pipelines and the central processing facility at BlackGold but will perform only “minor pre-commissioning activities” throughout 2015.
“In a very low price environment we see today, it does not make commercial sense to start steaming and trying to start production,” chief operating officer John Wearing said on a Wednesday morning conference call.
