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In 1980, a plant in Cold Lake was one of just two oil sands plants under construction in Alberta. [4] Although not developed as quickly and extensively as originally envisioned, an Imperial Oil plant in Cold Lake became the largest in situ oil sands project constructed in Alberta during the 1980s. By 1991, its daily oil production was 90,000 ...
The plant upgrades Lloydminster-area heavy oil and Cold Lake bitumen, making still more of those resources available for central Canadian and American markets. Heavy oil differentials explain the large cost discrepancies between the Husky Upgrader ($1.6 billion for 46,000 barrels per day (7,300 m 3 /d) capacity) and the Co-op upgrader ($600 ...
At 1,530 metres (5,020 ft), drilling sped up and the first bit samples showed free oil in dolomite, a good reservoir rock. After coring, oil flowed to the surface during a drill stem test at 1,544 metres (5,066 ft). Imperial Oil decided to bring the well in with some fanfare at 10 o'clock in the morning of February 13, 1947.
The Athabasca oil sands is the only large oil field in the world suitable for surface mining, while the Cold Lake oil sands and the Peace River oil sands must be produced by drilling. [14] With the advancement of extraction methods, bitumen and economical synthetic crude are produced at costs nearing that of conventional crude.
Imperial Oil Limited (French: Compagnie Pétrolière Impériale Ltée) is a Canadian petroleum company. [2] It is Canada's second-largest integrated oil company. It is majority-owned by American oil company ExxonMobil, with a 69.6% ownership stake in the company. [5]
Canada's oil measure, the cubic metre, is unique in the world. It is metric in the sense that it uses metres, but it is based on volume so that Canadian units can be easily converted into barrels. In the rest of the metric world, the standard for measuring oil is the tonne. The advantage of the latter measure is that it reflects oil quality.
The Athabasca oil sands, along with the nearby Peace River and Cold Lake deposits oil sand deposits lie under 141,000 square kilometres (54,000 sq mi) of boreal forest and muskeg (peat bogs) according to Government of Alberta's Ministry of Energy, [12] Alberta Energy Regulator (AER) and the Canadian Association of Petroleum Producers (CAPP).
Major beneficiaries of the Petroleum Incentives Payments among Canadian oil-producing companies included Dome, Imperial Oil and Gulf Canada. All three operated drilling subsidiaries in the North. After the oil price crash, cash flow for many companies was in negative territory. Exploration activity declined dramatically, but did not come to a ...