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(Reuters) - MEG Energy Corp (MEG.TO), a Canadian oil sands developer, plans to increase production at its Christina Lake project in Alberta by 33 percent by the end of 2014 or early 2015.
The company said its board has conditionally approved a production-enhancement program and expects production of about 80,000 barrels per day (bpd), up from its previous target of 60,000 bpd.
MEG reported a 70 percent increase in proved reserves last week, when it found 1.2 billion barrels of bitumen in the Christina Lake project area.
It expects to invest an additional C$185 million in 2012, bringing its total investment at Christina Lake to C$250 million.
Shares of the company, which has a market value of C$6.89 billion, closed at C$35.50 on Friday on the Toronto Stock Exchange.
Reporting By Sandhya Vijayan in Bangalore; Editing by Supriya Kurane