logo
Share SHARE
FONT-SIZE Plus   Neg

Imperial, ExxonMobil Announces Production Startup At Kearl Oil Sands Project

Exxon Mobil Corp. (XOM) and Imperial Oil Ltd. (IMO.TO) announced the start-up of the initial development of the Kearl oil sands project, located about 75 kilometres northeast of Fort McMurray, Alberta. The project's long-term production will access 4.6 billion barrels of resource over 40 years.

The Kearl Oil Sands Project is jointly owned between Imperial Oil as operator with 71 percent and ExxonMobil Canada with 29 percent.

Imperial Oil stated that production of mined diluted bitumen from the first of three froth treatment trains has commenced, with start-up of two additional bitumen froth trains to proceed in sequence as planned, bringing production from the initial development to an expected 110,000 barrels per day later in 2013.

In addition, an expansion phase at Kearl will add another 110,000 barrels per day by late 2015 and future debottlenecking will increase output to reach the regulatory capacity of 345,000 barrels per day by about 2020.

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Quick Facts

Editors Pick
Shares of Samsung Electronics Co Ltd (SMSN.L, SSNNF.OB, SSNLF.OB) were gaining around 4 percent in the trading in South Korea after the company reported significant growth in its first-quarter profit with higher sales mainly in memory and display businesses. For the full year, the company expects overall earnings to grow from last year. Samsung Electronics Co Ltd (SMSN.L, SSNNF.OB, SSNLF.OB) reported that its net profit for the first-quarter of 2017 rose 46% to 7.68 trillion South Korean won or $6.8 billion from 5.25 trillion won for the same period a year earlier. The company said that it would not adopt a holding company structure. Casino operator Las Vegas Sands Corp. (LVS), Wednesday reported an increase in profit for the first quarter, gambling business in Macao, China, the world's biggest gambling market, revives. Earnings for the quarter trumped Wall Street expectations, as did revenues. First-quarter profit rose to $480...
comments powered by Disqus
RELATED NEWS
Trade IMO now with 
Follow RTT