Imperial Oil is putting its focus into its oilsands assets. The company announced it is reducing growth plans in the Montney and Duvernay following its decision to proceed with the $2.6-billion Aspen in situ project.
“With Aspen sanctioned, Imperial has elected to pare back its Montney/Duvernay program versus the initial plans presented at last year’s investor day,” analysts with Peters & Co. wrote after the company’s 2018 investor day this week in Toronto.
“Imperial now expects the program to reach ~20,000 boe/d in 2020 (potentially reaching 30,000 boe/d in 2023), which is roughly 50 percent below last year’s plans to reach 30,000 to 50,000 boe/d in 2020.”
Imperial plans to spend $1.0 billion to $1.1 billion in growth capital annually over the next five years, which will be primarily directed to Aspen and to increasing production at the company’s Kearl oilsands mine.
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