- Category: Economic
- Published Friday, January 8, 2016
- CTV News
CALGARY - Connacher Oil and Gas Ltd. (TSX:CLC) says it will accelerate planned maintenance at its Great Divide oilsands operation near Fort McMurray, Alta.
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.