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This is an important step in the approval process, as it allows MEG Energy to proceed to the next stages of development, including making a final investment decision and applying for other environmental licences and local area development permits.
“Through this approval, we are showing our support for industry-led investment in Alberta – particularly when the proponent has undertaken extensive planning and clearly demonstrated its economic viability.”
Before being submitted for government approval, these development plans – also known as schemes – require stringent approval by the Alberta Energy Regulator, which conducts a detailed review of the application.
- Once operational, the MEG Energy Surmont project will produce approximately 120,000 barrels of bitumen per day.
- The project will extract bitumen using steam-assisted gravity drainage.
- The project is in the Regional Municipality of Wood Buffalo, approximately 80 kilometres south of Fort McMurray.
This approval is another example of how the government is ensuring Alberta remains a great place to invest and do business. Other efforts include cancelling the provincial carbon tax, reducing the corporate tax rate and passing the Royalty Guarantee Act.