Mackenzie Gas Project proponents file revised cost and schedule information with National Energy Board and Joint Review Panel

    CALGARY, March 12 /CNW/ - Imperial Oil, on behalf of the Mackenzie Gas
Project proponents, today filed updated cost and schedule information on the
proposed project with the National Energy Board and Joint Review Panel.
    The updated information submitted to regulators includes project costs of
$3.5 billion for the gas-gathering system, and $7.8 billion for the Mackenzie
Valley Pipeline. In addition, the estimated cost of the development of anchor
fields is $4.9 billion. (All figures are expressed in 2006 Cdn. dollars.)
    Future project activities will focus on the regulatory process and
discussions with the federal government on fiscal framework.
    In accordance with regulatory requirements, a revised schedule has also
been filed today. Project timing is uncertain, but production start-up is no
sooner than 2014 and is conditional on progress on regulatory and fiscal
    The Mackenzie Gas Project would include the development of an estimated
six trillion cubic feet of natural gas resource in the three largest onshore
fields discovered in the Mackenzie Delta, and construction of a gas and
natural-gas liquids gathering system, gas pipeline and related facilities. The
Mackenzie Valley gas pipeline would have 1.2 billion cubic feet per day of
throughput capacity, and would be expandable to accommodate gas from other
fields in the future.
    The project is being proposed by Imperial, ConocoPhillips Canada, Shell
Canada, ExxonMobil Canada and the Aboriginal Pipeline Group (APG). The APG was
formed in 2000 to enable ownership interest by the Aboriginal peoples of the
Northwest Territories in the proposed Mackenzie Valley natural-gas pipeline.
TransCanada PipeLines Limited is helping to facilitate and finance the APG's
ownership, in addition to other support, in the current phase of project
    Imperial Oil Limited, on behalf of the MGP coventurers, will host a
conference call today, Monday, March 12, 2007 at 9 a.m. (MDT) to discuss this

    Interested parties may participate in the teleconference by dialing:

    Toronto: 1-416-644-3418
    Calgary: 1-403-398-9531
    Toll-free: 1-800-731-5319

    Note: No passcode is required.

    Please dial in approximately 10 minutes prior to the teleconference.

    An archived recording of the call will be available by dialing:

    Toronto: 1-416-640-1917
    Toll-free: 1-877-289-8525
    and entering pass code 21222543 followed by the number sign.

    The archived recording will be available until March 23.

For further information:

For further information: Dee Brandes - Investor Relations, Imperial Oil
Limited, (403) 237-4537; Pius Rolheiser - Media Relations, Imperial Oil
Limited, (403) 237-2710

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