Kearl Lake: Oil Sands Project Moves Forward

New York Times (Green Inc.) – Imperial Oil, Exxon’s Canadian subsidiary, has broken the oil sands investment slump with an announcement on Monday that the company will proceed with a $7.1 billion project to mine bitumen from the Kearl Lake project, located about 44 miles northeast of Fort McMurray, Alberta. Imperial says the Kearl project, which is expected to operate for half a century, will eventually yield a daily average of 300,000 barrels of bitumen — a thick, sticky substance that can be processed into fuel oil. Site preparation actually began last year, and the mining operation will commence in 2012.

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