ExxonMobil extends oilsands reserves
Mar 02, 2009 01:00 AM
ExxonMobil, the world's largest oil company, more than doubled its reserves in Canada's oilsands last year as rivals
scaled back projects in response to collapsing energy prices.
Exxon's oilsands reserves climbed to 1.871 bn barrels as of Dec. 31, enough to supply every refinery in the US
Midwest for 11/2 years, the company said in a public filing. Exxon's oilsands holdings amounted to 694 mm barrels at
the end of 2007.
Exxon is developing the $ 8-bn Kearl oilsands project north of Fort McMurray that is expected to pump 100,000 barrels
of oil a day starting in 2012.
The company also owns a stake in Syncrude Canada, the world's biggest oilsands producer.
