Business
Imperial Oil approves Kearl oil sands project
CALGARY, May 25 /CNW/ - Imperial Oil Limited today announced its board of directors has approved ...
About this update from Imperial Oil Limited
[{"type":"text","content":"\n\n\n\nCALGARY, May 25 /CNW/ - Imperial Oil Limited today announced its board of\ndirectors has approved the first phase of the Kearl oil sands project, a\nsurface mining operation northeast of Fort McMurray, Alberta.\n\n\nThe Kearl project is envisioned to be developed in three phases and could\nultimately produce more than 300,000 barrels a day of bitumen. The first phase\nof the project, expected to begin production in late 2012 with total\nproduction to average 110,000 barrels per day, is anticipated to cost about $8\nbillion or approximately $4.50 per barrel to construct.\n\n\nImperial Oil is one of Canada's largest corporations and a leading member\nof the country's petroleum industry. It is one of the country's largest\nproducers of crude oil and natural gas, is the nation's largest petroleum\nrefiner, and has a leading market share in petroleum products sold through a\ncoast-to-coast supply network that includes about 1,900 service stations.\n\n\n","length":1011,"tagName":"div"}]