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IMPERIAL PLANS HEAVY OIL EXPANSION

Nov. 14, 1994

Imperial Oil Resources Ltd., Toronto, has unveiled plans for an expansion of its Cold Lake heavy oil project in Northeast Alberta. The company will spend $240 million (Canadian) during the next 2 years to expand production to 127,000 b/d by 1997 from the current 90,000100,000 b/d . Imperial this year placed a hold on expansion Phases 9 and 10 of its Cold Lake operation due to low heading oil prices compared with conventional crude prices.

Imperial Oil Resources Ltd., Toronto, has unveiled plans for an expansion of its Cold Lake heavy oil project in Northeast Alberta.

The company will spend $240 million (Canadian) during the next 2 years to expand production to 127,000 b/d by 1997 from the current 90,000100,000 b/d .

Imperial this year placed a hold on expansion Phases 9 and 10 of its Cold Lake operation due to low heading oil prices compared with conventional crude prices.

The company said it is encouraged by increasing demand for Canadian heavy crude. Imperial has spent about $1.2 billion to date on phased Cold Lake development.

IPL Energy Inc., Calgary, plans completion by Jan. 1 of a 176,000 b/d expansion of its crude oil line to Minnesota, which will eliminate capacity bottlenecks of Canadian crude shipments to U.S. buyers.