Canada's Oil Sands: Imperial announces first production from Kearl

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Report summary

The start-up of Imperial and ExxonMobil's Kearl makes it the first oil sands mining project without an associated upgrader. Phase 1 will incrementally ramp up to its design capacity of 110,000 b/d over the course of 2013. We value Kearl, including the first two phases and subsequent debottlenecking, at Cdn$13.8 billion (US$12.8 billion).

What's included

This report contains

  • Document

    Canada's Oil Sands: Imperial announces first production from Kearl

    PDF 478.90 KB

Table of contents

  • Kearl's Phase 1 on its way to 110,000 b/d
  • Phase 2 and beyond will push to 345,000 b/d
  • Positive project economics despite cost overrun
  • First mining project to market non-upgraded product
  • What next for oil sands mining sector?
  • Appendix – Economic assumptions and company refining positions

Tables and charts

This report includes 3 images and tables including:


  • ExxonMobil and Imperial benefit from a large and diverse North America refining presence


  • Changes to WTI pricing relationship yield massive value swings for both Kearl phases
  • Kearl now the fifth and most north-easterly onstream mining project

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