![Imperial’s Project to Lower Oil Sands Emissions Begins Production](/sites/default/files/styles/hart_news_article_image_640/public/image/2024/05/imperials-grand-rapids-cold-lake-project-begins-production.jpg?itok=pNVp31Vc)
(Source: Shutterstock.com)
Exxon Mobil-majority owned Imperial Oil Ltd.’s Grand Rapids oil sands project has begun production at Cold Lake, commercially deploying the first recovery technology project using less steam to lower emissions.
Production will continue to ramp up in the coming months to eventually hit a full rate of 15,000 bbl/d this year, according to Imperial’s May 22 press release.
The Cold Lake project is using solvent-assisted, steam-assisted drainage, which is anticipated to reduce emissions by 40%. Imperial developed and piloted the technology, which uses light oil mixed with steam to recover oil from underground deposits.
“Grand Rapids represents a key milestone in Imperial’s plans to continue to lower emissions and deliver value for shareholders through high-value opportunities that continue to grow production and reduce costs,” said Brad Corson, chairman, president and CEO, in the press release. “At Cold Lake, we are working to transition approximately 40 percent of production to lower emission technology by 2030.”
By 2030, Imperial plans to reduce its Scope 1 and 2 greenhouse gas emissions by 30% compared to 2016 levels. In addition to its development of the new technology deployed at Cold Lake, Imperial plans to hit this goal by improving efficiencies at its facilities and capturing and storing carbon.
Recommended Reading
Equitrans Midstream Announces Quarterly Dividends
2024-04-23 - Equitrans' dividends will be paid on May 15 to all applicable ETRN shareholders of record at the close of business on May 7.
PrairieSky Adds $6.4MM in Mannville Royalty Interests, Reduces Debt
2024-04-23 - PrairieSky Royalty said the acquisition was funded with excess earnings from the CA$83 million (US$60.75 million) generated from operations.
Baker Hughes Awarded Saudi Pipeline Technology Contract
2024-04-23 - Baker Hughes will supply centrifugal compressors for Saudi Arabia’s new pipeline system, which aims to increase gas distribution across the kingdom and reduce carbon emissions
EQT Declares Quarterly Dividend
2024-04-18 - EQT Corp.’s dividend is payable June 1 to shareholders of record by May 8.
Matador Resources Announces Quarterly Cash Dividend
2024-04-18 - Matador Resources’ dividend is payable on June 7 to shareholders of record by May 17.