Imperial Oil & ExxonMobil Acquire Beaufort Sea Acreage

Imperial Oil announced today that it was successful, along with co-venturer ExxonMobil Canada, in acquiring exploration rights for a parcel in the Beaufort Sea.

Imperial and ExxonMobil Canada were awarded the exploration license after bidding a work program of $585 million. Imperial's 50 percent share of the work program would be $292.5 million. License terms are such that Imperial's minimum commitment is 25 percent of its share, or $73.1 million.

"Imperial is pleased it was successful in acquiring this offshore acreage. This parcel is a major addition to Imperial's undeveloped acreage position," said Randy Broiles, senior vice-president, resources. "Although the Arctic remains a high potential, technology intensive frontier area, this presents a potential opportunity to add to our resource base in the Beaufort Sea and is consistent with our continued interest in energy development for Canada."

Events  SUBSCRIBE TO OUR NEWSLETTER

Our Privacy Pledge
SUBSCRIBE


Most Popular Articles


From the Career Center
Jobs that may interest you
Field Project Assistant
Expertise: Project Management
Location: Midland, TX
 
United States Houston: HR Operations Partner
Expertise: Business Development|HR - General
Location: Houston, TX
 
United States Williston: Account Rep, Bus Dev
Expertise: Business Development|Marketing|Sales
Location: Williston, ND
 
search for more jobs

Brent Crude Oil : $52.42/BBL 2.12%
Light Crude Oil : $49.51/BBL 2.35%
Natural Gas : $3.17/MMBtu 2.25%
Updated in last 24 hours