CALGARY, A.B. — Crew Energy has approved a 2017 capital budget of $200 million which will grow production to over 30,000 barrels of oil equivalent per day in the fourth quarter of 2017.
The growth will see more than a forty percent increase in production in the Montney Region, where to company has over 300,000 acres of rights. To date, Crew Energy say they have focused on the Upper Montney in the Septimus and West Septimus areas, and are continuing to development the Tower area. This year the company says they will invest $140 million in the Montney, with plans to drill of 28 wells and complete 39 through the year.
In the Montney, the company will predominantly focus on developing West Septimus where they will spend roughly $128 million in total. That includes approximately $40 million of infrastructure investments, and plans to double the West Septimus facility’s capacity to 120 million cubic feet per day. The facility’s expansion is expected to be completed in the fourth quarter this year, with plans to grow production from the Montney region to over 60,000 barrels of oil equivalent per day by the end of 2019.
The company will also allocate around $24 million in the Septimus area where they plant to drill one well, bring five wells into production, and expand a pipeline. A further $30 million from the company’s budget has been allocated for the Tower area.