IMO Imperial Oil Limited

HOUSTON, March 8 /CNW/ -- -- Key source for U.S. energy security -- New technologies will reduce environmental footprint -- Oil sands expected to generate 340,000 new U.S. jobs; 590,000 jobs in Canada HOUSTON, March 8 /CNW/ - A next generation of oil sands development in Canada is set to emerge amid rising world demand for energy resources, Imperial Oil Chairman, President and CEO Bruce March said today at the annual IHS CERA executive conference. "Oil sands investments are now in a period of recovery, driven by resurgent world demand for energy resources and by a positive long-term outlook for energy," said March. Speaking during a conference plenary session entitled Strategies in an Era of Recovery, March said Canada's 170 billion barrels of recoverable oil sands reserves are needed to help provide the energy required to fuel improving living standards throughout the developing world. Oil sands development also represents an important economic opportunity for Canada and the United States in terms of energy security, job creation and economic activity. March said oil sands development will be a key component of the U.S. economy, and could generate 340,000 new U.S. jobs plus 590,000 jobs in Canada over the next 25 years. While recognizing there are important environmental considerations from oil sands development, positive progress as a result of new technology is being achieved, March said, citing the Kearl project in northern Alberta as a next generation oil sands facility. The project, currently under construction, is scheduled for startup in late 2012. March said Kearl tailings will be smaller; mined land will be reclaimed faster; and greater quantities of water will be recycled. Kearl will also adopt technologies to reduce greenhouse gas emissions. "The September IHS CERA study indicates that our Kearl project will result in life-cycle greenhouse gas emissions no greater than the average of oil refined in the United States," March said. The oil sands industry has a positive story to tell and North Americans shouldn't have to choose between energy security, economic well-being and a cleaner environment, March said. "It's not an either-or-proposition. A healthy environment and a strong economy are both important and all of us should expect nothing less," he added. A full transcript of March's IHS CERA comments is available at: http://www.imperialoil.ca/Canada-English/about_media_speeches_20110308.aspx. 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, Canada's largest petroleum refiner, a key petrochemical producer and a leading marketer with a coast-to-coast supply network that includes about 1,850 Esso retail service stations. To view this news release in HTML formatting, please use the following URL: http://www.newswire.ca/en/releases/archive/March2011/08/c8996.html pImperial Oil, Public Affairsbr/ br/ (403) 237-2710/p

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