The high rollers are back…and this time they’re drilling for black gold in the frozen land of the Canadian North. After last season’s monster gas discovery, MGM Energy Corp. gambles on a wildcat oil well just south of the Arctic Circle. Penn West Exploration has a different strategy; they’re drilling in an old oil reservoir, betting new technology will unlock another bonanza.
This season, LICENCE TO DRILL also goes inside the rig operations of Penn West Exploration, one of the largest oil and natural gas producers in Canada. Penn West is drilling oil wells in the Pembina Field in central Alberta, an oil field discovered in 1953 and one of the largest in North America. Thousands of wells have been drilled in this area yielding over a billion barrels of oil, and until recently, the reservoir was believed to be tapped out. Penn West is betting on a rebirth of this old reservoir, drilling hundreds of wells in areas that were previously considered unprofitable. But with new technology, horizontal wells and multi-stage fracturing, they’re unlocking millions more barrels of crude oil.
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