By Sonja Franklin
Oct. 15 (Bloomberg) -- Imperial Oil Ltd. Chief Executive Officer Bruce March said he sees $200 billion invested in oil sands in the next 10 years.
March made the comments in a written copy of a speech he’s set to give to the Calgary Chamber of Commerce today. Oil-sands production is expected to be more than 4 million barrels a day in the next 20 years, he said.
=> Bilibala see great investment potential in tar sand too.
Calgary-based Imperial Oil produced the equivalent of 270,000 barrels oil a day in the second quarter from such projects as Cold Lake in Alberta, conventional natural-gas wells in western Canada and oil-sands miner Syncrude Canada Ltd.
Imperial is Canada’s largest refiner with the capacity to process about 500,000 barrels of oil a day at four plants in Alberta, Ontario and Nova Scotia. It also operates about 1,900 Esso-brand service stations across the country.
March, who took the helm of Imperial in 2008 when Tim Hearn retired as CEO, also said the company’s Kearl project may cut greenhouse-gas emissions by almost half a million tons a year.
Imperial Oil is 70 percent owned by Irving, Texas-based Exxon Mobil.
To contact the reporter on this story: Sonja Franklin in Calgary at sfranklin6@bloomberg.net
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