Ex-Suncor boss Rick George appointed chairman of Osum
Privately-held Osum developing 45,000 bpd in situ project at Cold Lake
Rick George, the former chief executive officer of corporate giant Suncor Energy Inc., is back in the oil sands.
George, who was succeeded at Suncor by Steve Williams earlier this year, was appointed chairman of upstart Osum Oil Sands Corp. this week.
Privately-held Osum is developing a 45,000 barrel-per-day thermal oil sands project near Cold Lake called Taiga.
The company is also involved in a demonstration plant in the Grosmont carbonate, which Alberta’s Energy Resources Conservation Board estimates could hold more than 400 billion barrels of bitumen in place. None of the colossal volume is counted in provincial reserve estimates, however, as no one has yet figured out how to produce the thick bitumen (API gravity of between five and 9) without going broke.
“Osum has positioned itself at the forefront of what I believe is the next significant chapter in Canada’s in situ oil sands – the Saleski Grosmont carbonates,” George said in a statement.
“I am excited that I will be playing a part in the commercialization of this vast resource and will have a role in building a company that I expect will become a leader in the industry.”
More to come …