Imperial Oil's Proved Reserves Up Almost 50% on Oil Sands Booking
Imperial Oil noted that its total year-end proved reserves was more than 2.3 billion oil equivalent barrels, an increase of almost 50 percent from 2007. This represents a reserve life at current production rates of approximately 25 years.
Reserves additions from Phase 1 of the Kearl oil sands project totalled about 800 million oil-equivalent barrels. The Kearl project, a surface mining operation north-east of Fort McMurray, is planned to be developed in three phases, with Phase 1 designed to produce about 110,000 barrels a day of bitumen.
"We are very pleased to have met this milestone for the Kearl project," said Bruce March, chairman, chief executive officer and president of Imperial Oil. "The Kearl project is a high-quality oil sands resource with a long production plateau that represents significant value for Imperial
shareholders. The Kearl project is a key development for Canada's oil sands and we are committed to developing it in a manner that protects the environment. We also believe developing the Alberta oil sands is vital to Canada's and the world's economy," March added.
The annual reporting of proved reserves is the product of Imperial's long-standing processes, which ensure consistency and management
accountability with respect to all reserve bookings.
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