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Imperial Oil gives greenlight to Kearl project

The Canadian Press

CALGARYImperial Oil Ltd. says it's going ahead with the first phase of the Kearl oil ands project in northern Alberta after Canada's biggest energy company spent months trying to cut costs at the development.

The Calgary company had been set to make a decision on Kearl late last year but took extra time to work on reining in costs, last estimated at $8-billion.

Imperial Oil says it now expects Kearl's first phase will begin production in late 2012.

Output is expected to average 110,000 barrels per day of bitumen, the tarry substance that can be upgraded and processed into crude oil.

More to come.

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