Imperial Oil Begins Lower Emission Oil Production

Imperial (TSE: IMO, NYSE American: IMO) has announced the commencement of oil production at its Grand Rapids oil sands project, utilizing a lower emission technology. The project, located at Imperial’s Cold Lake operating site, is expected to reduce greenhouse gas emissions intensity by up to 40 percent compared to existing processes in use. This marks the first commercial deployment of the recovery technology known as solvent-assisted, steam-assisted gravity drainage (SA-SAGD) in the industry.

The company aims to ramp up production to achieve 15,000 barrels per day of GHG-advantaged volumes, representing a significant milestone in their efforts to lower emissions and deliver value for shareholders. Imperial's goal is to transition approximately 40 percent of production to lower emission technology by 2030, with a specific target of achieving a 30% reduction in operated oil sands emissions intensity by the end of 2030, compared with 2016 levels.

The company's commitment to reducing emissions is further evidenced by its plans to implement lower greenhouse gas next-generation technologies at its Cold Lake operation, drive efficiency improvements at its facilities, and utilize carbon capture and storage.

This development underscores Imperial’s dedication to applying technology and innovation to responsibly develop Canada’s energy resources, aligning with the company's commitment to high standards across all areas of its business. As a result of these announcements, the company's shares have moved -2.6% on the market, and are now trading at a price of $67.76. For the full picture, make sure to review Imperial Oil's 8-K report.

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