The first phase of Imperial Oil’s (IMO) Kearl oilsands mine will cost $2B more than its most...

|About: Imperial Oil Ltd (IMO)|By:, SA News Editor

The first phase of Imperial Oil’s (IMO) Kearl oilsands mine will cost $2B more than its most recent estimate, as IMO faces issues transporting Korean-made modules to the mine site in Alberta and harsh weather during startup. It's the second cost increase for the $12.9B project; taking into account a second $8.9B phase in the works, the whole development is seen costing $6.80/bbl vs. a prior estimate of $6.20.