Quick Facts
FONT-SIZE Plus   Neg
Share SHARE

Imperial, ExxonMobil Announces Production Startup At Kearl Oil Sands Project

Exxon Mobil Corp. (XOM: Quote) 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.

Click here to receive FREE breaking news email alerts for Imperial Oil Ltd and others in your portfolio

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Quick Facts

Editors Pick
Stocks moved sharply higher over the course of the trading day on Tuesday, extending the recovery from the sell-off seen in recent weeks. The Nasdaq and the S&P 500 closed higher for the fourth consecutive session but remain well off their mid-September highs. Despite indications that the spread of Ebola inside the U.S. has been contained, the results of a new Gallup poll show the deadly disease had made its debut on a list of the top 10 most important problems facing the country. In another hotly contested Senate race, the results of a new Suffolk University/Boston Herald poll show incumbent Sen. Jeanne Shaheen, D-N.H., clinging to a narrow lead over Republican challenger Scott Brown.
comments powered by Disqus
FREE Newsletters, Analysis & Alerts

 

Stay informed with our FREE daily Newsletters and real-time breaking News Alerts. Sign up to receive the latest information on business news, health, technology, biotech, market analysis, currency trading and more.