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Imperial Oil Limited to make application for further expansion at Cold Lake
| Toronto, ON, February 20, 2001
| Imperial Oil Limited announced today that it is planning to make application for expansion of its operations at Cold Lake, Alberta. The company has submitted a preliminary disclosure document outlining the proposed expansion to the Alberta Energy and Utilities Board (EUB) and Alberta Environment (AE). A public consultation process will be initiated to ensure the input of all interested parties is represented and considered during project planning.
The proposed expansion, within Imperial's current lease area, includes:
- development of an additional 30,000 barrels a day of bitumen production from three new production phases (Phases 14-16) in a new operating area known as Nabiye, which will add 250 million barrels of net proved reserves at Cold Lake;
- an extension of Phases 9 & 10 of the existing Mahihkan operations to a new area known as Mahihkan North will maintain production from the existing Mahihkan area and recover an additional 125 million barrels of reserves over the life of the development.
Imperial expects to apply for approval of these developments to the EUB and AE by the end of 2001. Assuming timely regulatory approval and favorable market conditions, the Mahihkan North development could begin production as early as 2005 and Nabiye in 2006, at a total cost of about $1 billion. This expansion, along with the current development of Phases 11-13 in an area known as Mahkeses, would bring total production to about 180,000 barrels a day by the end of the decade.
Backgrounder and map
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