Imperial Oil slows development of Aspen oil sands project

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

Imperial Oil (NYSEMKT:IMO) says it has ramped down execution of its Aspen in situ oil sands project given market uncertainty caused by the Alberta government's mandatory oil production cuts and other industry competitiveness challenges.

IMO expects the slowdown in project execution, given the limited winter drilling and site preparation season, to cause a delay of at least one year.

IMO sanctioned the C$2.6B project last November, before the government's policy announcement; Aspen is projected to produce 75K bbl/day of oil.

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