Business
Imperial Oil Reports Year-end Reserves for 2008
CALGARY, Feb. 16 /CNW/ - Imperial Oil Limited today announced total year-end proved reserves of m...
About this update from Imperial Oil Limited
[{"type":"text","content":"\n\n\n\nCALGARY, Feb. 16 /CNW/ - Imperial Oil Limited today announced total\nyear-end proved reserves of more than 2.3 billion oil equivalent barrels, an\nincrease of almost 50 percent from 2007. This represents a reserve life at\ncurrent production rates of approximately 25 years.\n\n\nReserves additions from Phase 1 of the Kearl oil sands project totalled\nabout 800 million oil-equivalent barrels. The Kearl project, a surface mining\noperation north-east of Fort McMurray, is planned to be developed in three\nphases, with Phase 1 designed to produce about 110,000 barrels a day of\nbitumen.\n\n\n"We are very pleased to have met this milestone for the Kearl project,"\nsaid Bruce March, chairman, chief executive officer and president of Imperial\nOil. "The Kearl project is a high-quality oil sands resource with a long\nproduction plateau that represents significant value for Imperial\nshareholders. The Kearl project is a key development for Canada's oil sands\nand we are committed to developing it in a manner that protects the\nenvironment. We also believe developing the Alberta oil sands is vital to\nCanada's and the world's economy," March added.\n\n\nThe annual reporting of proved reserves is the product of Imperial's\nlong-standing processes, which ensure consistency and management\naccountability with respect to all reserve bookings.\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 largest petroleum refiner, and\nhas a leading market share in petroleum products sold through a coast-to-coast\nsupply network that includes about 1,900 service stations.\n\n\nCAUTIONARY NOTE: The term "reserves" as used in this release includes\nproven reserves from oil sands operations which are currently reported\nseparately as mining operations in the company's SEC reports.\n\n\n","length":2016,"tagName":"div"}]