The Taiga Project (Cold Lake)

With production potential of up to 45,000 barrels per day, the Taiga Project continues to advance towards commerciality.

Having fully delineated the leases for commercial requirements, completed comprehensive geostatistical modeling and analysis, submitted an Environmental Impact Assessment, filed the application with regulators, taken subsurface optimization to an advanced level, completed Front End Engineering and Design, and moved into Detailed Engineering (which allows greater cost control), we now stand at a point where Taiga is on the brink of construction. Regulatory approval is anticipated in 2012 and Phase 1 construction is slated to begin shortly thereafter.

The Cold Lake region offers the highest netback pricing in the oil sands due to bitumen quality and proximity to markets and infrastructure. Home to the projects with the best economics in Alberta, Cold Lake offers premium returns for investors. It is a mature area that houses the largest in situ thermal developments in North America and supplies 10% of Canada's daily oil production.

We are executing in a responsible, balanced manner.

As we create energy for the future, it is Osum's belief that the Taiga project should be an outstanding example of oil sands development - one that listened to stakeholders, took measure of the tough issues and delivered a balanced approach. This philosophy has guided our stakeholder engagement, corporate citizenship initiatives, operations and facilities design from the beginning. For example:

Low impact seismic lines were used when seismic was acquired.
We've reduced the number of well pads by over 40%.
Taiga will not use fresh water for steam.
The water we do use will be recycled with efficiencies of up to 90% or greater.
On site waste disposal through a deep disposal well will keep traffic down in the area.
We're using existing Rights of Way and cleared areas where possible.
Cogeneration will dramatically increase the project's efficiency and reduce its carbon footprint.
The facilities will include a Vapour Recovery Unit to eliminate odours.
We've demonstrated long term commitment to the area through capacity building initiatives and investment.

Pictured above: Facilities plan.

A Public Disclosure Document ("PDD") describing the proposed Taiga Project in this region was issued in Q4 2008.

Download Taiga Project PDD (3.8 MB)
Download the Plain Language Summary for the Taiga Project (4.5 MB)

Click here to request a copy of the Taiga Project application.