Technology key to responsible development of oil sands
26 May 2010 17:07 ET
Imperial CEO says challenges are being met
- Oil sands represent tremendous opportunity for all Canadians
- Continuous improvement, technology breakthroughs reduce environmental
footprint
- Imperial investing $70-80M annually in oil-sands research and
technology
TORONTO, May 26 /CNW/ - Industry is meeting the challenges of responsible
development of Alberta's oil sands for the benefit of all Canadians, the head
of Imperial Oil, one of the country's largest oil-sands developers, told a
Toronto audience today.
Speaking to the Toronto Board of Trade, Imperial chairman, president and
CEO Bruce March said the oil sands represent a tremendous opportunity for all
Canadians, and that responsible development of this vast resource is a
challenge the industry is meeting.
"Long before oil-sands development became an issue in the media,
companies were committing significant resources to continuously improve their
operations and develop new technologies to ensure continued improvements in
environmental performance," March said, citing recent technology applications
and new technologies being explored to reduce water use and greenhouse-gas
emissions.
"These are concrete examples of how our relentless pursuit of technology,
combined with our fundamental belief that we can always find new ways to
improve, will deliver a reduced environmental footprint from oil sands
development. Unfortunately, our record of continuous improvement has been
missing from the debate on oil sands development."
March said Imperial's commitment to research and technology development
is evident in the success of the company's Cold Lake in-situ project in
northeastern Alberta, which in 2009 produced its billionth barrel, while
continuously improving its environmental performance. The Kearl mining
project, currently under construction near Fort McMurray, Alberta, will take
lessons learned at Cold Lake, and utilize new technologies to minimize
greenhouse gas emissions and water use.
Investment in research and technology development is a commitment
Imperial has maintained throughout its history, March noted. In the area of
oil sands development, for example, Imperial has invested $70 to $80 million
annually in research to develop the next generation of oil sands technologies,
a total of nearly $400 million since 2005.
March told the Toronto audience that Canadians do not have to choose
between energy security, economic well-being and a clean environment. "It's
not an either-or proposition," he said. "Both a healthy environment and a
strong economy are important, and all of us should expect nothing less, or be
satisfied with nothing less."
March's speech is available in its entirety at www.imperialoil.ca.
Imperial Oil is one of Canada's largest corporations and a leading member
of the country's petroleum industry. The company is a major producer of crude
oil and natural gas, and one of the largest petroleum refiners and marketers
with a coast-to-coast supply network that includes more than 1,800 retail
service stations.
For further information: Media inquiries, please contact: Laura Bishop,
Public Affairs - Imperial Oil, (403) 237-2710, Email: laura.m.bishop@esso.ca
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