Tourmaline Expands Role in Alberta with Bonavista Acquisition

October 17, 2023--Researched by Industrial Info Resources (Sugar Land, Texas)--Tourmaline Oil Corporation (Calgary, Alberta) announced this week it will acquire Bonavista Energy Corporation (Calgary), which will expand its role in southwestern Alberta's Deep Basin. Assuming the deal closes before the end of the year, Tourmaline expects its 2023 companywide production to average more than 600,000 barrels of oil equivalent per day, about 16% of which would be from natural gas liquids (NGL).

Industrial Info is tracking more than US$4.3 billion worth of active and planned projects from Tourmaline, including more than US$2.25 billion worth that are nearing or under construction. "The Bonavista assets are a natural extension of Tourmaline's existing operations in the Deep Basin, where [Tourmaline] is already the largest producer," Tourmaline said in a press release. Tourmaline already is considering a series of upgrade and improvement projects at some of its key properties in and around Alberta's Deep Basin.