Hangingstone Expansion Development and Bitumen Production Capacity Expansion
First written in FY2016. 6 of 18 entries say "Advanced", first in FY2017. Latest entry: FY2022-Q2.
No other company in this theme has enough history to compare yet.
- FY2022-Q2AchievedAnnual report
「At a meeting of the Board of Directors held on 29 July 2021, the Company resolved to terminate the Canadian oil sands project operated by JACOS, in which it holds a 100% interest through its consolidated subsidiary Canada Oil Sands Co., Ltd., and to transfer all JACOS shares to HE Acquisition Corporation, and entered into a share transfer agreement. The share transfer procedures were completed on 17 September 2021.」
The transfer procedures for all JACOS shares were completed on 17 September 2021, completing the termination of the Canadian oil sands project, including Hangingstone, at the execution stage. - FY2022-Q1DroppedAnnual report
「The Company resolved at a meeting of the Board of Directors held on 29 July 2021 to terminate the Canadian oil sands project and transfer all shares of Japan Canada Oil Sands Limited. CANOS entered into a share transfer agreement with HAC on 29 July 2021, with the share transfer scheduled to be completed on 15 September 2021.」
The Company resolved to terminate the Canadian oil sands project, including Hangingstone, and transfer all JACOS shares. The transfer was scheduled to be completed on 15 September 2021. - FY2021SoftenedAnnual report
「In the oil sands development business in Canada, production was curtailed in response to deteriorating business conditions, resulting in a year-on-year decrease of 319 thousand kl, or 19.5%, in diluted bitumen sales volume to 1,319 thousand kl.」
The Hangingstone expansion continued operating after reaching stable production, but annual sales volume declined 19.5% from the previous year due to production curtailments in response to deteriorating business conditions. - FY2021-Q3SoftenedAnnual report
「In the oil sands development business in Canada, production was curtailed in response to deteriorating business conditions, resulting in a year-on-year decrease of 352 thousand kl, or 27.3%, in diluted bitumen sales volume to 937 thousand kl.」
Production curtailments continued in Canada's oil sands development business in response to deteriorating business conditions, and diluted bitumen sales volume decreased 27.3% year on year. - FY2021-Q2SoftenedAnnual report
「In the oil sands development business in Canada, production was curtailed in response to deteriorating business conditions, resulting in a year-on-year decrease of 224 thousand kl, or 26.8%, in diluted bitumen sales volume to 613 thousand kl.」
In Canada's oil sands development business, including Hangingstone, production was curtailed in response to deteriorating business conditions, and diluted bitumen sales volume decreased 26.8% year on year. - FY2020AdvancedAnnual report
「Diluted bitumen (kl) 1,639,689 45,025 39.4 49.5」
Hangingstone's diluted bitumen sales volume increased to 1,639,689 kl, up 39.4% year on year, expanding the scale of production and sales. - FY2019AdvancedAnnual report
「In December 2012, we made the final investment decision on the expansion and development project in the field to further increase production and reserves. Construction of the central processing facility was completed in February 2017, and production began in August 2017. In June 2018, operations transitioned to stable production at approximately 20,000 barrels per day, and production operations have continued since then.」
The Hangingstone expansion moved from the start of production to stable production operations at approximately 20,000 barrels per day in June 2018. - FY2019-Q2AchievedAnnual report
「Japan Canada Oil Sands Limited, the Company's overseas consolidated subsidiary, entered into an agreement on 3 April 2018 (Calgary local time) with Greenfire Hangingstone Operating Corp., a wholly owned subsidiary of Greenfire Oil and Gas Ltd. (headquartered in Alberta, Canada), to transfer all concession interests held by Japan Canada Oil Sands Limited in the 3.75-section area of the Hangingstone concession in Alberta, Canada, together with the wells, facilities and other assets related to production operations. Approval was obtained from the Alberta Energy Regulator in Alberta, Canada, on 3 August 2018 (Calgary local time), and the transfer was completed. In connection with this, the Company plans to recognize approximately US$30 million as non-operating income during the current fiscal year through the reversal of asset retirement obligations and other items.」
The transfer of the DEMO area's concession interests, wells, facilities and other assets was completed following regulatory approval. The Company also disclosed plans to recognize approximately US$30 million as non-operating income. - FY2019-Q1AdvancedAnnual report
「Japan Canada Oil Sands Limited, the Company's overseas consolidated subsidiary, entered into an agreement on 3 April 2018 (Calgary local time) with Greenfire Hangingstone Operating Corp., a wholly owned subsidiary of Greenfire Oil and Gas Ltd. (headquartered in Alberta, Canada), to transfer all concession interests held by Japan Canada Oil Sands Limited in the 3.75-section area of the Hangingstone concession in Alberta, Canada, together with the wells, facilities and other assets related to production operations. Approval was obtained from the Alberta Energy Regulator in Alberta, Canada, on 3 August 2018 (Calgary local time). Following this approval, the Company plans to recognize approximately US$30 million as non-operating income during the current fiscal year through the reversal of asset retirement obligations and other items once the transfer is completed.」
Approval from the Alberta authorities was obtained on 3 August 2018 for the agreement to transfer the DEMO area's interests, wells, facilities and other assets. The Company plans to recognize approximately US$30 million as non-operating income after completion of the transfer. - FY2018Agreement signed to transfer the DEMO area interestsAnnual report
「The transfer procedures under this agreement will be completed after obtaining approvals and consents from the Alberta Energy Regulator and other authorities in Alberta, Canada.」
After production ended in the DEMO area, an agreement was signed on 3 April 2018 with a subsidiary of Greenfire to transfer the concession interests, wells and all related facilities. The transfer was scheduled to be completed after obtaining the required approvals and consents. - FY2018-Q3AdvancedAnnual report
「In connection with the decision to terminate bitumen production operations in the 3.75-section area of the concession, known as the DEMO area, the entire US$69 million balance of tangible fixed assets relating to the DEMO area was recognized as a non-operating expense.」
Following the decision to terminate production operations in the DEMO area, the entire US$69 million balance of fixed assets progressed from the previously planned recognition to actual expense recognition. - FY2018-Q2RestatedAnnual report
「In connection with this decision, the Company plans to recognize the entire approximately US$69 million balance of tangible fixed assets relating to the DEMO area as non-operating expenses during the current fiscal year through depreciation using the units-of-production method.」
On the assumption that production operations in the DEMO area will be terminated, the Company disclosed plans to expense the entire approximately US$69 million balance of tangible fixed assets during the current fiscal year. - FY2018-Q1SoftenedAnnual report
「At a meeting of the Board of Directors held on 8 August 2017, the Company decided to terminate bitumen production operations in the 3.75-section area of the concession, known as the DEMO area.」
While production began at the Hangingstone expansion, a decision was made to terminate production operations in the existing DEMO area. - FY2018-Q1AdvancedAnnual report
「Production operations at the oil sands expansion and development project in the Hangingstone field in Alberta, Canada, operated by Japan Canada Oil Sands Limited, including wells and production facilities scheduled for completion in mid-2017, began on 3 August 2017.」
The project progressed from completion of construction of the central processing facility and preparation for production to the actual start of production operations. - FY2017AdvancedAnnual report
「In December 2012, the Company made a final investment decision on the expansion and development project for the concession in order to further increase production and reserves and had been proceeding with development work. Construction of the central processing facility was completed in February 2017, and preparations are currently under way to begin production operations.」
Construction of the central processing facility for the Hangingstone expansion was completed in February 2017, and the project progressed to the preparation stage for the start of production operations. - FY2017-Q3RestatedAnnual report
「During the cumulative third quarter of the current fiscal year, the Company reviewed the scheduled start of bitumen production and the investment amount for the Hangingstone oil sands expansion and development project in Alberta, Canada, operated by Japan Canada Oil Sands Limited (JACOS). As a result, production is expected to start in mid-2017, while JACOS's investment is expected to increase from approximately C$1.25 billion, as previously estimated, to approximately C$1.5 billion.」
The previous revision, setting the scheduled production start for mid-2017 and JACOS's investment at approximately C$1.5 billion, continues to be disclosed. - FY2017-Q2Review of investment amount and production start dateAnnual report
「During the cumulative second quarter of the current fiscal year, the Company reviewed the scheduled start of bitumen production and the investment amount for the Hangingstone oil sands expansion and development project in Alberta, Canada, operated by Japan Canada Oil Sands Limited (JACOS). As a result, production is expected to start in mid-2017, while JACOS's investment is expected to increase from approximately C$1.25 billion, as previously estimated, to approximately C$1.5 billion.」
The scheduled production start was revised to mid-2017, and JACOS's investment was revised from approximately C$1.25 billion to approximately C$1.5 billion. - FY2016First statedAnnual report
「In December 2012, the Company made a final investment decision on the expansion and development project for the concession in order to further increase production and reserves, and is currently proceeding vigorously with development work.」
The Company stated that development work was proceeding following the final investment decision on the Hangingstone expansion. Separately, it disclosed a plan for total project production capacity of approximately 20,000 barrels per day and mentioned a temporary suspension in response to the decline in oil prices.