Canada-based integrated oil company Imperial Oil has announced total year-end proved reserves of more than 2.3 billion oil equivalent barrels in 2008, an increase of almost 50% from 2007. This represents a reserve life at current production rates of approximately 25 years.
According to the oil company, reserves additions from Phase-1 of the Kearl oil sands project totaled about 800 million oil-equivalent barrels. The Kearl project, a surface mining operation north-east of Fort McMurray, is planned to be developed in three phases, with Phase-1 designed to produce about 110,000 barrels a day of bitumen, said Imperial Oil.
Bruce March, chairman president and CEO of Imperial Oil, said: “We are pleased to have met this achievement for the Kearl project. The Kearl project is a high-quality oil sands resource with a long production plateau that represents high value for Imperial shareholderss.”
Imperial Oil claims to be one of Canada’s largest corporations and a leading member of the country’s petroleum industry. The company is a producer of crude oil and natural gas and a petroleum refiner as well. Its market share in petroleum products sold through a coast-to-coast supply network includes about 1,900 service stations.
