One group of Canadian oil producers is gaining from the output cuts imposed by Alberta: the small explorers.
Imperial Oil Mining News
Imperial Oil says it has commenced and is ready to expand field testing of driverless oilsands heavy haulers.
Imperial, Canada’s No.2 integrated oil producer and refiner, posted a surprise $181-million loss in its second quarter.
Production is expected to reach 110,000 barrels per day, bringing total production to 220,000 barrels per day.
Energy regulator says it holds as much as 200 billion barrels of shale oil reserves, comparable to North Dakota’s thriving Bakken field.
Lower sales, lower prices, lower production.
Total price tag at $18.82 billion.
Imperial Oil is spending $2 billion to expand its Cold Lake insitu oilsands operation in northeastern Alberta.
Imperial Oil is spending close to $9 billion to expand its 71%-owned Kearl Oil Sands Project.
As unrest in Libya, Saudi Arabia and other Middle Eastern countries continues to put pressure on the price of oil, the head of Imperial Oil Ltd. is backing a multi-billion-dollar expansion project to bring Canadian oilsands crude to U.S. markets. The Wall Street Journal reports: A pipeline project that's pending U.S. approval is necessary to ensure the reliability and security of oil supplies to the world's largest oil consumer, the head of Imperial Oil Ltd. (IMO) said. Imperial Oil is a Canadian company majority owned by Irving, Texas-based Exxon Mobil Corp. (XOM), the world's largest publicly traded oil company.
Think of oil sands mining, and images of mammoth machinery, digging and hauling bitumensoaked sand from pits to processing plants, immediately spring to mind. The procedure is dirty, requires huge amounts of natural gas and water, and scars the landscape to such […]