Markets

Imperial Oil Sees No Syncrude Expansion Before 2020: report

A generic image of a pen on a chart
Credit: Shutterstock photo

Imperial Oil Ltd (IMO.TO), which fell nearly 3% yesterday, does not expect to expand production capacity at the Syncrude Canada oil sands project in northern Alberta at least until 2020, breaking from the expectations of the other partners in one of the oil sands' biggest operations, Reuters reported.

The view differs from that of Canadian Oil Sands Ltd (COS.TO), the largest Syncrude owner with a 37% stake. In its current investor presentation, being shown to investors in Asia this week, it says it expects to increase capacity by 71% to 600,000 barrels a day by 2020. Canadian Oil Sands says the expansion would start with a 50,000 barrel a day increase through "debottlenecking" equipment currently in use.

Imperial has a 25% stake in Syncrude, making it the second-largest interest holder. Imperial's parent company, Exxon Mobil Corp, has managed the project since 2007.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Copyright (C) 2016 MTNewswires.com. All rights reserved. Unauthorized reproduction is strictly prohibited.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Other Topics

Commodities

Latest Markets Videos

    MTNewswires

    Founded in 1999, MT Newswires (formerly known as Midnight Trader) is a leading provider of original source, multi-asset class, real-time, global financial news and information to most of the largest banks, brokerage firms and professional market data, trading & research applications in North America.

    Learn More