Equities
International Petroleum Corp Achieves First Oil at Blackrod Phase 1 Ahead of Schedule
International Petroleum Corporation (IPCO) on Monday achieved first oil at Phase 1 of its Blackrod project on May 31, ahead of schedule and on budget at $855 million against an original estimate of $850 million.The Canadian oil sands project is expected to reach plateau production of 30,000 barrels per day by late 2027, a quarter earlier than originally guided, the company said.Phase 1 holds 2P reserves of 311 million barrels, with a further 1.1 billion barrels of contingent resources across the broader Blackrod property, according to the statement.IPC holds a 100% working interest and has regulatory approval to expand production to 80,000 barrels per day in future phases, the company said.
$IPCO