- In-situ project will use steam-assisted gravity drainage
technology
- Project design integrates energy-saving power
cogeneration
- Project will support production growth plans
CALGARY, Dec. 17, 2013 /CNW/ - Imperial Oil Limited today
announced the filing of regulatory applications with the Alberta
Energy Regulator and Alberta Environment and Sustainable Resource
Development seeking approval of a new oil sands project on its
Muskeg lease about 45 kilometres northeast of Fort McMurray.
The proposed Aspen development
would take place on a 52-section lease area and use steam-assisted
gravity drainage (SAGD) technology to access a bitumen resource
with recoverable potential of 1.1 billion barrels. Imperial is
considering using solvents to achieve enhanced in-situ recovery and
reduce water use and carbon dioxide emissions. Solvent-assisted
SAGD technology is being evaluated in a pilot at Imperial's
Cold Lake operation.
The proposed design concept involves three phases that will
follow Imperial's "design one, build multiple" approach and will
include central steam generation, bitumen processing plant
facilities, and energy-saving electrical power cogeneration.
Development would be phased during the expected 40-year span of the
project with each phase bringing on commercial bitumen production
of about 45,000 barrels per day. The concept plan includes future
debottlenecking which could further increase bitumen
production.
Subject to timely receipt of regulatory approvals, further
technical evaluation and favourable business and market conditions,
a final investment decision could be made by as soon as 2017, and
the project could be producing as early as 2020.
The Aspen development is one of
a portfolio of in-situ oil sands opportunities Imperial is
currently evaluating. Other potential developments include the
Corner and Clyden leases near Fort
McMurray and the Grand
Rapids opportunity on Imperial's Cold Lake lease.
Imperial Oil Limited is one of Canada's largest corporations and a leading
member of the country's petroleum industry. The company is a major
producer of crude oil and natural gas, Canada's largest petroleum refiner, a key
petrochemical producer and a leading marketer with coast-to-coast
supply and service station networks.
Statements of future events or conditions, including
projections, targets, expectations, estimates, and business plans
are forward-looking statements. Actual future results, including
project plans, dates, costs and capacities; production rates and
resource recoveries could differ materially depending on a number
of factors, such as changes in the price, supply of and demand for
crude oil, natural gas, and petroleum and petrochemical products;
political or regulatory events; project schedules; commercial
negotiations; the receipt, in a timely manner, of regulatory and
third-party approvals; unanticipated operational disruptions;
unexpected technological developments; and other factors discussed
in this release and Item 1A of Imperial's most recent Form 10-K.
Forward-looking statements are not guarantees of future performance
and involve a number of risks and uncertainties, some that are
similar to other oil and gas companies and some that are unique to
Imperial. Imperial's actual results may differ materially from
those expressed or implied by its forward-looking statements and
readers are cautioned not to place undue reliance on them. We
undertake no duty to update these statements as of any future
date.
The term "project" as used in this statement does not
necessarily have the same meaning as under government payment
transparency requirements.
The potential bitumen resource as set out in the second
paragraph above is Imperial's working interest before deduction of
royalties. The determination of this recoverable potential is
described in the filed regulatory application. This estimate
includes quantities not yet classified as "proved reserves" under
U.S. SEC definitions but which we believe will ultimately be
produced and moved into the proved reserve category.
SOURCE Imperial Oil Limited