$2 billion expansion project approved for Cold Lake
Expansion to access 280 million barrels of recoverable reserves
Project to include an energy-efficient 170-MW cogeneration facility
CALGARY, Feb. 3, 2012 /CNW/ - Imperial Oil Limited today announced it
has approved a $2 billion expansion of the company's Cold Lake
operation in northeastern Alberta.
The expansion, called Nabiye, will bring on additional commercial
bitumen production of more than 40,000 barrels per day at Cold Lake.
The project will access 280 million barrels of recoverable reserves and
is expected to start-up by year-end 2014.
The Nabiye expansion will include development of a new steam generation
and bitumen-processing plant, field production pads and associated
facilities. As with any large and long-life asset, sustaining capital
to support the continued operation will be required over the asset
Imperial received original regulatory approvals for Nabiye in 2004.
Amended regulatory approvals were obtained in 2010 to improve the
environmental performance of the Nabiye expansion. The improvements
include a 170-MW cogeneration facility to enhance the plant's energy
efficiency and a reduced land footprint for field production pads.
Imperial's Cold Lake facility is the largest and longest-running in situ
oil sands operation in Canada, and includes four steam generation and
bitumen production plants. The operation produced an average of 160,000
barrels of bitumen per day in 2011.
Imperial Oil is one of Canada's largest corporations and a leading
member of the country's petroleum industry. The company is a major
producer of crude oil and natural gas, Canada's largest petroleum
refiner, a key petrochemical producer and a leading marketer with
coast-to-coast supply and retail service station networks.
SOURCE Imperial Oil Limited
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Public & Government Affairs