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$2 billion expansion to increase production by 40,000 barrels per day
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Expansion accesses 280 million barrel bitumen resource
IRVING, Texas--(BUSINESS WIRE)--May 11, 2015--
Exxon
Mobil Corporation (NYSE:XOM) announced today that bitumen production
began on schedule at the $2 billion Cold Lake Nabiye project expansion
in northeastern Alberta, Canada.
The expansion is producing about 20,000 barrels per day and volumes are
expected to increase during the year to peak daily production of 40,000
barrels. Nabiye will access 280 million barrels of recoverable resources
during its expected 30-year lifespan.
“ExxonMobil has the project management experience, engineering expertise
and effective contractor interface to deliver superior cost and schedule
performance along with safe, reliable facilities that will operate for
decades,” said Neil W. Duffin, president of ExxonMobil Development
Company. “Nabiye will contribute important new production to ExxonMobil
as we continue to bring new projects on line.”
ExxonMobil expects to increase production volumes this year by 2 percent
to 4.1 million oil-equivalent barrels per day, driven by 7 percent
liquids growth. The volume increase is supported by the ramp up of
several projects completed in 2014 and the expected startup of seven new
major developments in 2015, including Hadrian South in the Gulf of
Mexico, expansion of the Kearl project in Canada, Banyu Urip in
Indonesia and deepwater expansion projects at Erha in Nigeria and
Kizomba in Angola.
The project was planned and executed by ExxonMobil Development Company
on behalf of the Cold Lake project operator, Imperial Oil Limited,
ExxonMobil’s majority owned Canada affiliate.
The expansion was sanctioned in February 2012 and included development
of a new steam generation and bitumen processing plant, field production
pads and associated facilities, including a 170-megawatt electrical
cogeneration plant that improves the plant’s energy efficiency. Other
features designed to improve environmental performance include
sulfur-recovery facilities and an advanced wellpad design that reduces
the field footprint by more than 40 percent.
The Cold Lake facility is the largest and longest-running in-situ oil
sands operation in Canada, and includes five steam generation and
bitumen production plants. The operation produced an average of 150,000
barrels of bitumen per day in recent years.
CAUTIONARY STATEMENT: Statements of future events or conditions in this
release are forward-looking statements. Actual future results, including
project plans, schedules, costs, and capacities; production rates; and
ultimate recoveries could differ materially due to changes in market
conditions affecting the oil and gas industry or long-term oil and gas
price levels; political or regulatory developments; reservoir
performance; timely completion of development projects; technical or
operating factors; the outcome of future commercial negotiations; and
other factors. References to recoverable resources and similar terms
include quantities that are not yet classified as “proved reserves”
under SEC rules but that we believe will ultimately be produced. The
term "project" as used in this release does not necessarily have the
same meaning as under any government payment transparency reporting
rules.
Source: Exxon Mobil Corporation
ExxonMobil
Media Relations, 972-444–1107
