The Alberta Energy Regulator is expected to release a decision within six months on privately-held Prosper Petroleum Ltd.’s Rigel oilsands project following a public hearing, which was expected to conclude today, says the company.
First production on Prosper’s flagship project is anticipated in 2020 from the 10,000 bbl/d bitumen SAGD project, 100 kilometres northwest of Fort McMurray near other approved operating SAGD projects, it said.
The Rigel project has a unique small project footprint with limited impact to the environment and will contribute more than $1 billion in royalties to the province, according to the company.
Prosper, which has been in operation since 2007, is a Calgary-based private oil and gas exploration and production company specializing in heavy oil and bitumen production. Staff, it said, have extensive experience in heavy oil and SAGD.