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Imperial files applications to expand its Cold Lake Operations
| Calgary, AB, June 4, 2002
| Imperial Oil Limited announced today that it has filed with the Alberta Energy and Utilities Board and Alberta Environment applications to further expand its operations at Cold Lake, Alberta.
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 would add 250 million barrels of recoverable reserves at Cold Lake;
- an extension of Phases 9 & 10 of the existing Mahihkan operations to a new area known as Mahihkan North, which would maintain production from the existing Mahihkan plant, developing an additional 125 million barrels of recoverable reserves over the next 10-20 years, and as much as 200 million barrels over the project life.
Imperial's application continues the process of regulatory and public review of the company's expanding operations at Cold Lake. The application includes a description of the proposed expansion, as well as an extensive assessment of the anticipated environmental and socio-economic impacts.
Assuming timely regulatory approval and favorable business and market conditions, the Nabiye development could be complete and on-stream as early as late 2006. Wells in the proposed Mahihkan North development would be drilled as required to sustain full production from the existing Mahihkan plant. Total investment over the first 10 years of these developments is expected to be about $1 billion, including $600-700 million for the initial plant and field facilities for the Nabiye development.
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