Imperial Oil Board OKs $2B Oil Sands Project Expansion

Law360, New York (February 3, 2012, 5:16 PM EST) -- The board of directors for Canada's Imperial Oil Ltd., a partially owned unit of Exxon Mobil Corp., has approved plans to expand one of its oil sands operations in northeast Alberta for $2 billion, according to filings with the U.S. Securities and Exchange Commission on Friday.

The expansion of Imperial's existing Cold Lake operation is expected to bring in 40,000 barrels per day of commercial bitumen and will include the development of a new 170-megawatt steam generation and bitumen-processing plant, field production pads and associated facilities, the...
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