Imperial CEO says no to Aspen oilsands plan until Alberta oil quotas lifted

The effusive CEO of Imperial Oil Ltd. says a $2.6-billion Aspen oilsands devise in northern Alberta it announced a year ago — usually to cancel it a few months after — will sojourn on a sidelines until a range totally ends a oil curtailment program.

Rich Kruger, who is timid during year-end, says a association that is about 70 per cent owned by American hulk Exxon Mobil Corp. can’t go brazen with a vital enlargement until a supervision halts a module to shorten oil prolongation to support internal prices.

Sanctioning of a Aspen project, that would have used steam and solvents to furnish 75,000 barrels of bitumen per day from wells, astounded observers when it was announced during final year’s financier day though there was no such warn during this year’s eventuality in Toronto on Tuesday.

The Calgary-based association did, however, announce a $450-million devise to boost outlay from a four-decades-old Cold Lake thermal devise in northeastern Alberta by drilling into a formerly underdeveloped Grand Rapids subterraneous oilsands formation.

Imperial says a devise will save about $1 billion in collateral spending by replacing a formerly due Cold Lake enlargement project, that would have combined 55,000 bpd of capacity.

The new devise involves ludicrous steam from a circuitously underperforming Nabiye project, started adult in 2015, to move on about 15,000 bpd in a initial proviso by 2021, with new steam era combined in destiny phases to take prolongation to 40,000 to 50,000 bpd.

Imperial also reliable a devise to boost prolongation from a Kearl oilsands cave to 280,000 bpd from a stream 200,000 bpd by a further of supplemental ore crushers and self-driving transport trucks, along with other enhancements.

Article source: https://www.cbc.ca/news/canada/calgary/imperial-oil-aspen-project-curtailment-1.5356745?cmp=rss