CALGARY, May 25 /CNW/ - Imperial Oil Limited today announced its board of
directors has approved the first phase of the Kearl oil sands project, a
surface mining operation northeast of Fort McMurray, Alberta.
The Kearl project is envisioned to be developed in three phases and could
ultimately produce more than 300,000 barrels a day of bitumen. The first phase
of the project, expected to begin production in late 2012 with total
production to average 110,000 barrels per day, is anticipated to cost about $8
billion or approximately $4.50 per barrel to construct.
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 nation's 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.
For further information:
For further information: Investor relations: Mark Stumpf, (403)
237-4537; Media relations: Gordon Wong, (403) 237-2710