Imperial Oil Approves First Phase of Kearl Oil Sands Project
Imperial Oil Limited today announced its board of directors has approved the first phase of the Kearl oil sands project, a surface mining operation northeast of Fort McMurray, Alberta.
The Kearl project is envisioned to be developed in three phases and could ultimately produce more than 300,000 barrels a day of bitumen. The first phase of the project, expected to begin production in late 2012 with total production to average 110,000 barrels per day, is anticipated to cost about $8 billion or approximately $4.50 per barrel to construct.
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