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CALGARY — Imperial Oil Ltd., the Canadian affiliate of Exxon Mobil Corp. — one of the few international companies still operating in Canada’s oilsands — is getting ready for another growth spurt in the Alberta deposits that could include green-lighting the new 150,000 barrel-a-day Aspen project early next year.

After years of regulatory review, Imperial hopes to receive a permit from the Alberta Energy Regulator in coming months, evaluate any related conditions and potentially proceed with a final investment decision in the first half of 2018, CEO Rich Kruger said Wednesday in an update with industry analysts.

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Aspen would use new solvent-assisted SAGD technology that would be 25 per cent more capital efficient and produce 25 per cent fewer greenhouse gas emissions than other SAGD projects, he said.

$4 billion

It would be built in two phases, each of 75,000 b/d. Imperial, which has been testing the technology since 2010, said each phase would cost $2 billion, though the estimate could change as the project evolves and depending on market conditions.