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Changes at Athabasca Oil Corporation by Alison Rozen





Article Author Biography
Changes at Athabasca Oil Corporation by
Article Posted: 05/10/2013
Article Views: 22
Articles Written: 14
Word Count: 463
Article Votes: 0
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Changes at Athabasca Oil Corporation


 
Business
Founded in 2006, Athabasca Oil Corporation is a major Canadian energy company that is focused on the sustainable development of oil sands in the Athabasca region in northeastern Alberta and light oil resources in northwestern Alberta, Canada. The corporation sits on over 3.5 million net acres of mineral leases in the northwestern and Athabasca regions of Alberta, and is divided into two parts: the thermal oil division and the light oil division. Recently, the corporation that makes Alberta a secure supplier of the world's energy demand has undergone some major changes.

Bryan Gould, who was promoted to president of Athabasca Oil Corporation in November 2012, has recently left the company. Bryan's departure caused Sveilung Svarte who is currently CEO, to assume the responsibilities of both President and CEO of Athabasca Oil Corporation. Svarte, of Norweigian decent, got his start at Conoco Inc which is an American multinational energy corporation and the world's largest independent pure-play energy & production companies. Svarte holds a Masters of Science degree obtained from the Norwegian Institute of Technology received in 1985 and a Master of Business Administration degree from the University of Chicago received in 1999.

The corporation, which remains focused on the sustainable development of oil sands in the Athabasca region, has recently taken measures to improve operations by forming an executive committee. The committee is comprised of Mr. Svarte, Mr. Rob Broen, senior vice president light oil, Mr. Ian Atkinson, senior vice president thermal oil, Mr. Rick Koshman, vice president projects, Mr. Brent Heagy, chief financial officer, and Mr. Rob Bowie, vice president corporate development. With Mr. Eckhardt to chair the committee.

In the first quarter of 2013, there has been progress in the advancement of the Hangingstone project, which is in development close to Fort McMurray. The first phase of the project expects to produce 12,000 barrels of oil per day. After the initial phase is complete, two more expansions will bring the production up to 80,000 barrels per day. Production of this level exemplifies the scale of industrial operations surrounding Fort McMurray; this in turn fuels the region's growth including the need for increased services, infrastructure, housing and rental accommodations in Fort McMurray.

Currently, Svarte is working on a joint venture deal for Hangingstone, but is unable to specify when the deal will be firmed up. Svarte notes, "We are having regular discussions with the parties involved, but we are all just waiting for government approval in the country in question, so really we have nothing further to add to that." It's speculated the deal involves a Kuwait company among the potential partners.

Articles focused on providing useful information on lifestyle, employment, industry and accommodations in Fort McMurray. For information on furnished apartments for rent in Fort McMurray, please visit us.

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