Imperial Oil updated activities at the Kearl oil sands project in norhern Alberta, Canada. About 2,500 employees and contractors are currently working at the Kearl site. Construction activities on Kearl in the second quarter included work on piling, foundations and earthworks along with vessel and pipe fabrication. The first phase of Kearl will initially produce about 110,000 barrels of bitumen a day. Production is expected in late 2012.
Imperial Oil Limited today announced its board of directors has approved the first phase of the Kearl oil sands project, a surface mining operation northeast of Fort McMurray, Alberta. The Kearl project is envisioned to be developed in three phases and could ultimately produce more than 300,000 barrels a day of bitumen. The first phase of the project, expected to begin production in late 2012 with total production to average 110,000 barrels per day, is anticipated to cost about $8 billion or approximately $4.50 per barrel to construct.
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