Canada’s Imperial Oil, one of the country’s biggest crude producers and refiners, said on Nov. 19 it would raise capital spending and production next year as a volatile recovery of energy demand continues.
A recovery in global energy demand looked to be “highly uncertain” and dependent on the spread of COVID-19, CEO Brad Corson said at the company’s virtual investor day presentation. Pandemic travel restrictions have crushed fuel demand, depressing oil prices and forcing producers to cut costs and jobs.
Imperial plans to spend C$1.2 billion ($917.01 million) in 2021, up 33% from 2020. Upstream production looks to rise 5% to 415,000 barrels of oil equivalent per day.
The company, majority owned by U.S. oil major Exxon Mobil Corp., said it would also aim to reduce greenhouse gas emissions intensity, a measure of pollution per barrel, by 10% by the end of 2023 from 2016 levels.
Imperial said it has already cut emissions intensity by more than 20% since 2013 and will achieve further reductions by improving productivity at its Kearl site and adopting new technologies.
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