Strathcona announces acquisition of Serafina, potential plans for expansion

“It’s unique to Saskatchewan,” he said. “In the oil sands reservoirs in Alberta, the nature of that large facility is to produce the steam to basically produce the oil at the end of the day. Whereas in Saskatchewan, the nature of the reservoirs are such that we need a much smaller scale, and the company was very successful at being able to develop a small-scale thermal project.”

He noted the process is also very energy efficient.

Morgan added that the company is also invested in looking at engineering studies for carbon capture and storage.

“The emissions, when we burn natural gas to generate steam, there is work being done today to look at the feasibility of capturing that and injecting that in the ground in perpetuity,” he said. “That would reduce emissions further by about 60 per cent. It would certainly make the oil produced from this facility by far the cleanest in the world.”

Morgan said in addition to the four plants in operation in Saskatchewan currently, the company is evaluating whether it also wants to add a fifth or sixth plant in the future.

“Our expectation is at a point in time that in a competitive environment as Saskatchewan that we would see expansion of this facility over the next few years,” he said.

Premier Scott Moe applauded the company for its investment in Saskatchewan, in response to the latest news.

“Thanks to Rob [Morgan] and his entire team at Strathcona for what they have done historically here in the province over the last number of years being a significant producer in Saskatchewan, and where they are going increasing their footprint with the purchase of Serafina Energy,” Moe said. “It was a pleasure for us to join today what was a significant purchase, but more so to celebrate where Strathcona is going in the oil industry, in the production industry, and where they are going on behalf of the folks that work there, that live right here in the province of Saskatchewan.”

Moe said Strathcona’s development also provides the opportunity for jobs in Saskatchewan in the heavy oil industry.

“There are a number of people that are employed directly by Strathcona, by Serafina, at each of these plants, and indirectly through the trucking and the servicing that occurs,” he said.

Moe added the province anticipates growth in the sector in the long term for the amount of oil being produced in the Saskatchewan.

“It’s good for Saskatchewan residents, providing jobs and creating wealth in our communities,” Moe said. “It’s good for Canadians and the world, because of the sustainable way in which we ultimately are producing this energy.”

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angela.brown@pattisonmedia.com

On Twitter: @battlefordsNOW

by Angela Brown

Strathcona announces acquisition of Serafina, potential plans for expansion

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