Business
Imperial Oil Files Regulatory Applications for Aspen Oil Sands Project
In-situ project will use steam-assisted gravity drainage technology Project design...
About this update from Imperial Oil Limited
[{"type":"text","content":"\n\n\n\nIn-situ project will use steam-assisted gravity drainage technology\n\n\nProject design integrates energy-saving power cogeneration\n\n\nProject will support production growth plans\n\n\n\n\n\nCALGARY, Dec. 17, 2013 /CNW/ - Imperial Oil Limited today announced the\n filing of regulatory applications with the Alberta Energy Regulator and\n Alberta Environment and Sustainable Resource Development seeking\n approval of a new oil sands project on its Muskeg lease about 45\n kilometres northeast of Fort McMurray.\n\n\nThe proposed Aspen development would take place on a 52-section lease\n area and use steam-assisted gravity drainage (SAGD) technology to\n access a bitumen resource with recoverable potential of 1.1 billion\n barrels. Imperial is considering using solvents to achieve enhanced\n in-situ recovery and reduce water use and carbon dioxide emissions.\n Solvent-assisted SAGD technology is being evaluated in a pilot at\n Imperial's Cold Lake operation.\n\n\nThe proposed design concept involves three phases that will follow\n Imperial's \"design one, build multiple\" approach and will include\n central steam generation, bitumen processing plant facilities, and\n energy-saving electrical power cogeneration. Development would be\n phased during the expected 40-year span of the project with each phase\n bringing on commercial bitumen production of about 45,000 barrels per\n day. The concept plan includes future debottlenecking which could\n further increase bitumen production.\n\n\nSubject to timely receipt of regulatory approvals, further technical\n evaluation and favourable business and market conditions, a final\n investment decision could be made by as soon as 2017, and the project\n could be producing as early as 2020.\n\n\nThe Aspen development is one of a portfolio of in-situ oil sands\n opportunities Imperial is currently evaluating. Other potential\n developments include the Corner and Clyden leases near Fort McMurray\n and the Grand Rapids opportunity on Imperial's Cold Lake lease.\n\n\nImperial Oil Limited is one of Canada's largest corporations and a\n leading member of the country's petroleum industry. The company is a\n major producer of crude oil and natural gas, Canada's largest petroleum\n refiner, a key petrochemical producer and a leading marketer with\n coast-to-coast supply and service station network...