Penn West Plans US$815mn Capex


News: Canada-based Penn West is planning a capital expenditure of CAD900mn (US$815mn) on its assets in Western Canada in 2014, reports Platts, citing CEO Dave Roberts. Of this, around US$565mn will be invested in the three light oil plays of Cardium, Viking and Slave Point in Alberta, Roberts added. Around CAD270mn (US$243mn) will be invested at Cardium for the next phase of expansion at its enhanced oil recovery pilot as well as drilling of 67 wells, while CAD150mn (US$135mn) will be used to drill 104 wells at Viking. At Slave Point, Penn will invest CAD145mn (US$131mn) to drill 21 wells and to expand its waterflood programme.

This article is tagged to:
Sector: Oil & Gas
Geography: Canada

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