Ecuador court gives green light for Silvercorp, Salazar’s El Domo project
The ruling removes the last major obstacle for the $250 million project, located 150 km northeast of Guayaquil.
Imperial Oil is spending close to $9 billion to expand its 71%-owned Kearl Oil Sands Project.
The oil giant said said on Wednesday the expansion, costing $8.9 billion, will add 110,000 barrels of oil per day by late 2015 to the facility northeast of Fort McMurray, Alberta.
The Globe and Mail reports the cost figure is a 25% increase over a previous estimate. The new budget, said the newspaper, includes improvements to Kearl’s tailings impoundment meant to comply with Alberta’s new tailings regulations, and pipelines that will connect the project to other lines.
The project is 80% complete with startup expected at the end of next year.
The surface mining operation would begin production at 110,000 bopd and ramp up to a plant capacity of 145,000 bopd. However, Imperial Oil (TSE:IMO) says that “future debottlenecking” will increase output to 345,000 bopd in order to fully exploit the 4.6 billion barrel resource.
The Kearl expansion project is a key element of Imperial’s plan to double its production to approximately 600,000 oil equivalent barrels per day by 2020.
4 Comments
Callme
Party on
Mikej72
party on
Guest
Do you have an office in Vancouver? or maybe planning to have one?. I hope this will give job opportunities to many. Good Luck.
MarcKerman
This is a job where worker morale is at the lowest and living in the camp is akin to being imprisoned. There is no money to be made on this project for a working man or woman when you consider the environment and sacrifice of having a life. It is great for any individual who may be institutionalized but nothing more than a concentration camp that no money could change.