Elevate your local knowledge
Sign up for the iNFOnews newsletter today!
Imperial Oil’s massive Kearl oilsands mine starts up ahead of schedule
CALGARY – Imperial Oil says the massive Kearl oilsands expansion is up and running.
The $9-billion mine northeast of Fort McMurray, Alta., is expected to eventually produce 110,000 barrels of crude a day, doubling Kearl’s target capacity.
During peak construction, the Kearl expansion had a workforce of more than 5,000 people.
CIBC World Markets analyst Arthur Grayfer says the mine is starting up on budget and about a month earlier than expected.
The first phase of Kearl, also with a targeted 110,000-barrel-a-day production rate, started up more than two years ago.
During the first quarter of this year, the first phase of Kearl averaged output of 95,000 barrels a day.
The initial development cost $12.9 billion — $2 billion more than expected as the company ran into delays transporting huge South Korean-made modules to the mine site.
Kearl is a partnership between Imperial (TSX:IMO) and its U.S. parent, ExxonMobil Corp.
Follow @LaurenKrugel on Twitter
News from © The Canadian Press, . All rights reserved.
This material may not be published, broadcast, rewritten or redistributed.
This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.
Join the Conversation!
Want to share your thoughts, add context, or connect with others in your community?
You must be logged in to post a comment.
