Alberta Oil Sands Equity annual report, 1992-93. Partnership and progress in Alberta's oil sands development

Alberta Oil Sands Equity (AOSE) manages the Alberta government's equity investments in oil sands and heavy oil projects. AOSE is a 16.74% participant in the Syncrude Project, a 10% participant in the OSLO (Other Six Leases Operation) Commercial Project and the OSLO New Ventures project, and a 24.17% participant in the Lloydminster Bi-Provincial Upgrader. Syncrude produces ca 12% of Canadian crude oil requirements, and AOSE's share yielded $44 million profit for 1992/93, slightly higher than the the $43.3 million the previous year. The OSLO Commercial Project is a proposed commercial oil sands plant with a mine site and extraction plant to be located north of Fort McMurray, and an upgrading facility to be situated north of Edmonton. Work on this project was suspended in early 1992. The OSLO New Ventures project will handle the exploration and development of the remaining five oil sands leases plus the southern portion of Lease 31. As of March 31, 1993, the project owners were considering a commercial demonstration project utilizing dredging and cold-water extraction processes. Two of the owners are unable to provide funding and discussions are under way to resolve the matter and move the program forward. The Lloydminster Bi-Provincial Upgrader opened Noveber 20, 1992, and production has reached 41,000 bbl/d, or 89% of design capacity. The upgrader will increase the value of heavy crude oil and thereby increase its demand. 5 figs., 3 tabs