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Alberta firms increase drilling for heavy crude as oil prices rise

Alberta approved 1,764 drilling licenses for heavy crude activity, as companies shift toward faster developing conventional heavy oil.

Reported · Written up by our desk · Energy

Alberta energy companies are ramping up drilling for heavy crude as higher oil prices make faster payback projects more attractive, according to Bloomberg via OilPrice. Instead of sinking billions into long term oil sands development, firms are increasingly pursuing the Clearwater formation, a conventional heavy oil area.

OilPrice reports that Alberta approved 1,764 drilling licenses tied to the current surge in heavy crude activity.

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