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Imperial seeks regulatory approval for new, $7-billion oilsands project
CALGARY – Imperial Oil Ltd. (TSX:IMO) has applied for regulatory approval to build a new oilsands project northeast of Fort McMurray, Alta.
Company spokesman Pius Rolheiser says the Aspen project has a preliminary price tag of $7 billion, but there’s a good chance that could change as engineering work proceeds.
Imperial would use steam-assisted gravity drainage technology to get the sticky bitumen from deep underground.
It’s also considering using solvents to improve recovery, cut water use and reduce greenhouse gas emissions.
Imperial, majority owned by Houston-based energy giant ExxonMobil Corp., expects to build Aspen in three, 45,000-barrel-per-day phases.
The board of directors could decide whether to proceed as early as 2017, with startup as early as 2020.
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