CNRL has announced the Pike 2 Greenfield Project, a new SAGD facility situated just south of Pike 1 with a six-year development timeline and an estimated capital cost between $2.5 and $2.8 billion.
 Once operational, the facility is designed to deliver 70,000 barrels per day (bbl/d) of bitumen production. This greenfield development complements the activity at the Pike 1 wellpads, where production is expected to begin in the new year with bitumen volumes processed at the existing Jackfish 3 Central Processing Plant (CPF).
The project’s regulatory journey began when former operator Devon Energy submitted an application in late 2018, prior to CNRL acquiring a 50% stake and the Jackfish assets from Devon in spring 2019 and the remaining 50% interest from BP in 2022. Although the regulatory review process was paused at the end of 2021, it was revived in 2023, and CNRL now anticipates securing final approval for Pike 2 by the end of 2026.