CALGARY, Feb. 16 /CNW/ - Imperial Oil Limited today announced total
year-end proved reserves of more than 2.3 billion oil equivalent barrels, an
increase of almost 50 percent from 2007. This represents a reserve life at
current production rates of approximately 25 years.
Reserves additions from Phase 1 of the Kearl oil sands project totalled
about 800 million oil-equivalent barrels. The Kearl project, a surface mining
operation north-east of Fort McMurray, is planned to be developed in three
phases, with Phase 1 designed to produce about 110,000 barrels a day of
"We are very pleased to have met this milestone for the Kearl project,"
said Bruce March, chairman, chief executive officer and president of Imperial
Oil. "The Kearl project is a high-quality oil sands resource with a long
production plateau that represents significant value for Imperial
shareholders. The Kearl project is a key development for Canada's oil sands
and we are committed to developing it in a manner that protects the
environment. We also believe developing the Alberta oil sands is vital to
Canada's and the world's economy," March added.
The annual reporting of proved reserves is the product of Imperial's
long-standing processes, which ensure consistency and management
accountability with respect to all reserve bookings.
Imperial Oil is one of Canada's largest corporations and a leading member
of the country's petroleum industry. It is one of the country's largest
producers of crude oil and natural gas, is the largest petroleum refiner, and
has a leading market share in petroleum products sold through a coast-to-coast
supply network that includes about 1,900 service stations.
CAUTIONARY NOTE: The term "reserves" as used in this release includes
proven reserves from oil sands operations which are currently reported
separately as mining operations in the company's SEC reports.
For further information:
For further information: Dee Brandes, Investor Relations, (403)
237-4537; Gordon Wong, Media Relations, (403) 237-2710