Imperial Oil: $1.7 Billion Estimated in Capital Expenditure Next Year

In 2023, Imperial Oil Ltd. plans to invest $1.7 billion in capital spending. The company also plans to increase its Strathcona renewable diesel project, using solvent technologies at Cold Lake, and continuing to invest in its Kearl oilsands facility’s in-pit tailings project.

Imperial’s chairman, president, and CEO, Brad Corson, says that the initiatives show how the company is looking for excellent ways to cut emissions, increase production, and generate more revenue.

The company anticipates that upstream production will be between 410,000 and 430,000 gross oil-equivalent barrels per day next year.

Imperial says that the perspective is based on initiatives for strong operating results in its core oilsands assets and continued expansion at Kearl, which plans to boost output to 280,000 total gross barrels per day by 2024.

It is expected that between 92% and 94% of Imperial’s downstream capacity will be utilized, leading to a throughput of between 395,000 and 405,000 barrels per day.

Original source material for this article taken from here