- In-situ project will use solvent-assisted, steam-assisted
gravity drainage technology
- Technology designed to reduce greenhouse-gas emission
intensity, water use
- Imperial has successfully piloted technology at Cold Lake since 2010
CALGARY, March 11, 2016 /CNW/ - Imperial today
announced the filing of regulatory applications with the Alberta
Energy Regulator to seek approval of a new in-situ oil-sands
project on its Cold Lake lease
area.
The proposed Cold Lake
expansion project will use solvent-assisted, steam-assisted gravity
drainage (SA-SAGD) technology to access a bitumen resource in the
Grand Rapids formation with
recoverable potential of approximately 550 million barrels of
contingent resources, development pending, which is Imperial's
share before royalties.
Imperial has successfully piloted the SA-SAGD technology at its
Cold Lake operation since 2010.
Based on Imperial's research and pilot results, it is expected that
SA-SAGD will result in an approximately 25 percent reduction in
greenhouse gas intensity compared with existing steam-assisted
gravity drainage technology through lower energy input per barrel
of bitumen recovered. A similar reduction in water use intensity is
also expected.
If developed, the project is expected to produce about 50,000
barrels per day of bitumen, which is Imperial's share before
royalties. Subject to timely receipt of regulatory approvals and
favorable business and market conditions, construction could start
as early as 2019, with production commencing as early as 2022, as
outlined in the application.
The Cold Lake expansion is one
of a group of in-situ oil-sands opportunities Imperial is currently
evaluating. Other potential developments include the Aspen, Corner and Clyden leases in northeast
Alberta.
After more than a century, Imperial continues
to be an industry leader in applying technology and innovation to
responsibly develop Canada's
energy resources. As Canada's
largest petroleum refiner, a major producer of crude oil and
natural gas, a key petrochemical producer and a leading fuels
marketer from coast to coast, our company remains committed to high
standards across all areas of our business.
SOURCE Imperial Oil Limited