By Charles Lefebvre

Imperial developing $2.6 billion oilsands project in Alberta

Nov 8, 2018 | 9:47 AM

CALGARY, AB — One of the largest oil producers in Canada has been given the go-ahead to develop its newest project.

Imperial announced on Tuesday it will be proceeding on it’s Aspen project, which will be located approximately 45 kilometres northeast of Fort McMurray. A release from the company says the project will feature it’s first major application of next-generation oil sands recovery technology to help lower greenhouse gas emissions intensity and water use. The new technology is expected reduce greenhouse gas emissions, water use and intensity by up to 25 per cent.

“We do not take investment decisions lightly, particularly in these challenging times,” said Rich Kruger, Imperial chairman, president and chief executive officer, in a statement. “This is the right technology at the right time to make a competitive investment. We have made the decision to proceed now because we believe this advanced technology will further the evolution of Imperial’s oil sands business.”

Imperial, the second largest oilsands company in Canada, says they consulted with seven Indigenous communities in the area during the regulatory application process.

The project is expected to cost $2.6 billion, and is estimated to create 700 jobs during construction, and 200 once the project is fully operational.

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Construction is slated to begin in the fourth quarter of 2018, with first production expected in 2022. The Aspen project is expected to produce 75,000 barrels per day.