Imperial Oil Limited, Company Intelligence Report

GlobalData, June 2011, Pages: 101

Imperial Oil Limited, Company Intelligence Report

Summary

Imperial Oil is engaged in the exploration, production and marketing of crude oil and natural gas mainly in North America. The company’s headquarter in located in Calgary, Alberta. It is controlled by US based ExxonMobil which owns 69.6% interest in the company. The company has net proved reserves of 2,549 MMboe in Canada. The company producers the bitumen from its Cold Lake asset located in Alberta. Additionally, it owns 25% working interest in Syncrude facility located in Canada, the largest producer of synthetic crude oil from strip mining of oil sands. Its crude oil and natural gas production was 246 Mboe/d in 2010. The company is also engaged in the marketing of the petrochemical products under the brand names Esso and Mobil.

Imperial Oil is engaged in the production of the crude oil, natural gas, bitumen and synthetic crude. The company is involved in the production of conventional and unconventional crude oil. The company’s conventional oil production asset, Norman wells is located in the Northern Territory of the Canada and its unconventional oil fields like Cold Lake and Syncrude facilities are located in Alberta

Scope

- Key Highlights: This section provides detailed analysis on the company’s overall oil and gas value chain, new projects, growth opportunities, new ventures, assets performance, hedging strategies, Capex funding, geographical results of oil and gas operations.
- Goals and Strategies: This section provides the upcoming goals and strategies of the company. The section mainly goals and strategies followed by the company in order to meet its upcoming goals.
- SWOT: The report’s SWOT section provides the internal strength, weakness, opportunities and threats of company to reflect its strategic positions in the market.
- Key Events for 2011: This section provides the company’s expected operational and financial activities in 2011. This section maps the company’s focus for 2011 in nut shell.
- Production and Development Overview: This section highlights the company’s crude oil and natural gas production forecast from its legacy and upcoming assets by region and commodity mix for next five years. The report also covers the detailed information and analysis on the company’s producing and development assets.
- Exploration: This section includes detailed explanation and analysis on the company’s exploration assets resulted due to new discoveries, new drilling and other activities.
- M&A trends: This section mainly provides information and analysis on the company’s recent assets transactions, joint ventures, acquisition, and divestment activities during the last one year. This section highlights the company’s status as a buyer or seller during the analyzed period.
- Financial Forecast and Valuation: This section highlights the detailed financial statement forecast for next five years. With the financial statement forecast, this section also provides intrinsic value of the company by using Net Asset Valuation method.
- Peer Group Analysis: This section compares the company’s performance with its peer group on the basis of share prices, financial ratios, operational and financial parameters and other related parameters.
- Financial and Operational Metrics: This section covers the company’s historical performance on several financial and operational parameters such as Production and Reserves, Reserves Replacement, Costs Incurred, Acreage, Wells, F&D Costs, Oil and Gas Revenue and Expenses etc.

Reasons to buy

The report will enhance the decision-making capability in a more rapid and time sensitive manner. It will allow you to -
- Provide detailed analysis to those who are interested in knowing the companies’ existing and future business strategies.
- Provide in-depth analysis on the companies E&P profiles along with the exploration and M&A updates.
- Provide valuable insights to those who are tracking oil and gas markets and wants to know the intrinsic value of the companies.
- Use the analysis for strategy and planning, M&A identifications, and competitor analysis.

1
1

1.1 List of Tables
1.2 List of Figures
2 Imperial Oil Limited, Company Overview
3 Imperial Oil Limited, Key Events for 2011
4 Imperial Oil Limited, Key Highlights
4.1 Additional Focus on the Unconventional can Add Huge Potential to the Company Future Production
4.1.1 Kearl Project: Next Major Contributor to Bitumen Production
4.1.2 Expansion of Cold Lake through Nabiye Project
5 Impeial Oil, SWOT Analysis
5.1 Strengths
5.1.1 Huge Reserve Potential
5.1.2 Providing Consistent Return to Shareholders
5.2 Weaknesses
5.2.1 More Inclined towards Shareholder’s Equity
5.2.2 Low Production
5.3 Opportunities
5.3.1 Higher Commodity Prices Increases the Production from Unconventional Resources
5.3.2 Horn River Shale Gas Project: Untapped Resource Potential
5.4 Threats
5.4.1 Higher Stake of Exxon can Impact Future Decision Making
5.4.2 Volatility of Oil and Natural Gas Prices
6 Imperial Oil Limited, Goals and Strategies
6.1 Developing Unconventional Resources through Huge Capital Expenditure
6.2 Increasing Shareholder Value
7 Imperial Oil Limited, Production Overview
7.1 Production Profile
7.2 Assets Portfolio
7.2.1 Cold Lake
7.2.2 Syncrude
7.2.3 Conventional Oil and Gas Production
8 Imperial Oil Limited, Exploration and Development Overview
8.1 Alberta
8.2 Beaufort Sea
8.3 Athantic Offshore
9 Imperial Oil Limited, Refining and Marketing Overview
10 Imperial Oil Limited, Chemical Overview
11 Imperial Oil Limited, M&A Highlights
11.1 Joint Venture Between Imperial, ExxonMobil and BP
11.1.1 Deal Highlights
12 Imperial Oil Limited, Forecast Production and Financial Statements
12.1 Income Statement (2008–2015)
12.2 Balance Sheet (2008–2015)
12.3 Cash Flow Statement (2008–2015)
12.4 Financial Ratios
13 Imperial Oil Limited, Valuation
13.1 Net Asset Value
14 Imperial Oil Limited, Peer Comparision
14.1 Share Price Performance
14.2 Operational and Financial Performance
14.3 Key Financial and Operational Ratio
15 Imperial Oil Limited, Detailed Operational and Financial Metrics
15.1 Imperial Oil Limited, Total Oil and Gas, Reserves and Production
15.1.1 Total Crude Oil and Natural Gas Production and Reserves Trend, 2006-2010
15.1.2 Total Crude Oil & Natural Gas Production and Reserves By Country/Region, 2006-2010
15.1.3 Total Crude Oil and Natural Gas Reserve Changes, 2006-2010
15.2 Imperial Oil Limited, Crude Oil/Liquids Production and Reserve
15.2.1 Crude Oil/Liquids Production and Reserve Trend, 2006-2010
15.2.2 Crude Oil Production and Reserves By Country/Region, 2006-2010
15.2.3 Crude Oil/Liquids Reserve Changes, 2006-2010
15.3 Imperial Oil Limited, Natural Gas Production and Reserve
15.3.1 Natural Gas Production and Reserve Trend, 2006-2010
15.3.2 Natural Gas Production and Reserves, By Country/Region, 2006-2010
15.3.3 Natural Gas Reserve Changes, 2006-2010
15.4 Imperial Oil Limited, Total Crude Oil and Natural Gas Reserves Life Index
15.4.1 Total Crude Oil and Natural Gas Reserves Life Index, 2006-2010
15.4.2 Total Crude Oil and Natural Gas Reserves Life Index, By Country/Region, 2006-2010
15.5 Imperial Oil Limited, E&P Costs Trends
15.5.1 Upstream Capital Expenditure, 2006-2010
15.5.2 Acquisition Costs By Country/Region, 2006-2010
15.5.3 Exploration and Development Costs, By Country/Region, 2006-2010
15.6 Imperial Oil Limited, Oil and Gas Cost Per boe, $/boe
15.6.1 Oil and Gas Cost Per boe, $/boe, 2006-2010
15.6.2 Oil and Gas Cost Per boe, $/boe, By Country/Region, 2006-2010
15.7 Imperial Oil Limited, Reserve Replacement Ratio
15.7.1 Oil and Gas Production Replacement Ratio, 2006-2010
15.7.2 Oil and Gas Production Replacement Ratio, By Country/Region, 2006-2010
15.8 Imperial Oil Limited, Results of Oil & Gas Operations Trend
15.8.1 Oil and Gas Revenue and Expenses, 2006-2010
15.8.2 Oil and Gas Revenue and Expenses, By Country/Region, 2006-2010
15.9 Imperial Oil Limited, Oil and Gas Revenue and Expenses, Per boe
15.9.1 Oil and Gas Revenue and Expenses, By boe, 2006-2010
15.9.2 Oil and Gas Revenue and Expenses Per boe, By Country/Region, 2006-2010
15.10 Imperial Oil Limited, Oil and Gas Performance Metrics
15.11 Imperial Oil Limited, Land Holdings and Well Data
15.11.1 Gross and Net Developed and Undeveloped Acreage, 2006-2010
15.11.2 Gross and Net Developed and Undeveloped Acreage, By Country/Region, 2006-2010
15.12 Imperial Oil Limited, Well Statistics
15.12.1 Producible Oil and Gas Well, 2006-2010
15.12.2 Producible Oil and Gas Well, By Country/Region, 2006-2010
15.12.3 Exploration and Development Wells Drilled, 2006-2010
15.12.4 Exploration and Development Wells Drilled, By Country/Region, 2006-2010
16 Appendix
16.1 Abbreviations
16.2 Methodology
16.2.1 Coverage
16.2.2 Secondary Research
16.2.3 Primary Research
16.2.4 Expert Panel Validation
16.3 Methodology for Company Valuation
16.4 Contact Us
16.5 Disclaimer

1.1 List of Tables
Table 1: Imperial Oil Limited, Key Events, 2011
Table 2: Imperial Oil Limited, Upstream Growth Profile, MMboe, 2010–2015
Table 3: Imperial Oil Limited, Recent Transactions as a Buyer, 2007–2010
Table 4: Imperial Oil Limited, Recent Transactions as a Seller, 2005–2010
Table 5: Imperial Oil Limited, Forecast Production, 2008–2015
Table 6: , Price Forecasts, 2011–2015
Table 7: Imperial Oil Limited, Income Statement ($m), 2008–2015
Table 8: Imperial Oil Limited, Balance Sheet ($m), 2008–2015
Table 9: Imperial Oil Limited, Cash Flow Statement ($m), 2008–2015
Table 10: Imperial Oil Limited, Profitability Ratios, 2008–2015
Table 11: Imperial Oil Limited, Other Financial Ratios, 2008–2015
Table 12: Imperial Oil Limited, Capital Market Ratios, 2009–2011
Table 13: , Price Forecasts, 2011–2015
Table 14: Imperial Oil Limited, Net Asset Value, 2011
Table 15: Imperial Oil Limited, Prospective Acreage & Non Proven Reserves, 2011
Table 16: Imperial Oil Limited, NPV of Oil/NGL Reserves, $/bbl, 2011
Table 17: Imperial Oil Limited, NPV of Natural Gas Reserves, $/Mcf, 2011
Table 18: Imperial Oil Limited, NPV oF Total Oil and Natural Gas Reserves , $/boe, 2011
Table 19: Imperial Oil Limited, Sensitivity Analysis on Fair Value ($ per share), 2011
Table 20: Imperial Oil Limited Vs Peer Group, Operational and Financial Performance, 2010
Table 21: Imperial Oil Limited and its Peer Group Comparison, Financial Ratios, 2010
Table 22: Imperial Oil Limited, Total Crude Oil and Natural Gas, Production and Reserves, MMboe, 2006-2010
Table 23: Imperial Oil Limited, Total Crude Oil & Natural Gas Production and Reserves, By Country/Region, MMboe, 2006-2010
Table 24: Imperial Oil Limited, Total Crude Oil and Natural Gas Reserve Changes, MMboe, 2006-2010
Table 25: Imperial Oil Limited, Crude Oil Production and Reserves Metrics, MMbbl, 2006-2010
Table 26: Imperial Oil Limited, Crude Oil Production and Reserves, By Country/Region, MMbbl, 2006-2010
Table 27: Imperial Oil Limited, Crude Oil Reserve Changes, MMbbl, 2006-2010
Table 28: Imperial Oil Limited, Natural Gas Production and Reserves Metrics, Bcf, 2006-2010
Table 29: Imperial Oil Limited, Natural Gas Production and Reserves, By Country/Region, Bcf, 2006-2010
Table 30: Imperial Oil Limited, Natural Gas Reserve Changes, Bcf, 2006-2010
Table 31: Imperial Oil Limited, Oil and Gas Reserves Life Index, Years, 2006-2010
Table 32: Imperial Oil Limited, Oil and Gas Reserves Life Index, By Country/Region, Years, 2006-2010
Table 33: Imperial Oil Limited, Upstream Capital Expenditure, $m, 2006-2010
Table 34: Imperial Oil Limited, Proved and Unproved Acquisition Costs, By Country/Region, $m, 2006-2010
Table 35: Imperial Oil Limited, Exploration and Development Costs, By Country/Region, $m, 2006-2010
Table 36: Imperial Oil Limited, Reserves Replacement, Finding and Development Costs, Finding Cost and Proved Acquisition Costs Per boe, $/boe, 2006-2010
Table 37: Imperial Oil Limited, Reserves Replacement, Finding and Development Costs, Finding Cost and Proved Acquisition Costs Per boe, $/boe, By Country/Region, 2006-2010
Table 38: Imperial Oil Limited, Oil and Gas Production Replacement Ratio, %, 2006-2010
Table 39: Imperial Oil Limited, 3-Year Wt.Avg. Oil and Gas Production Replacement Ratio, By Country/Region, %, 2006-2010
Table 40: Imperial Oil Limited, Revenue and Expenses, $m, 2006-2010
Table 41: Imperial Oil Limited, Revenue and Expenses, By Country/Region, $m, 2006-2010
Table 42: Imperial Oil Limited, Oil and Gas Revenue and Expenses, $/boe, 2006-2010
Table 43: Imperial Oil Limited, Oil and Gas Revenue and Expenses, $/boe, By Country/Region, 2006-2010
Table 44: Imperial Oil Limited, Oil and Gas Performance Metrics, 2006-2010
Table 45: Imperial Oil Limited, Land Holdings (Developed and Undeveloped Acreage), Acres, 2006-2010
Table 46: Imperial Oil Limited, Land Holdings (Developed and Undeveloped Acreage), By Country/Region, Acres, 2006-2010
Table 47: Imperial Oil Limited, Producible Oil and Gas Wells, 2006-2010
Table 48: Imperial Oil Limited, Producible Oil and Gas Wells, By Country/Region, 2006-2010
Table 49: Imperial Oil Limited, Exploratory and Developed Wells, 2006-2010
Table 50: Imperial Oil Limited, Exploratory and Developed Wells, By Country/Region, 2006-2010

1.2 List of Figures
Figure 1: Imperial Oil Limited, Operational Map, 2011
Figure 2: Imperial Oil Limited, Financial & Operational Overview, 2007–2010
Figure 3: Imperial Oil Limited, Share Price Movement, June 2010–June 2011
Figure 4: Imperial Oil Limited, Net Proved Reserves (MMboe) and Proportion of Unconventional Proved Reserves to Total Reserves (%), 2008–2010
Figure 5: Imperial Oil Limited, Kearl Production (boe/d) and % Contribution to Total Bitumen Production, 2012–2015
Figure 6: Imperial Oil Limited, Cold Lake and Nabiye Project Operational Map, 2010
Figure 7: Imperial Oil Limited, Cold Lake Production to Total Bitumen Production, 2012–2015
Figure 8: Imperial Oil Limited, Peer Comparison, Proved Reserves, MMboe, 2007–2010
Figure 9: Imperial Oil Limited, Peer Comparison, Return on Equity, 2007–2010
Figure 10: Imperial Oil Limited, Peer Comparison for Debt to Equity, 2007–2010
Figure 11: Imperial Oil Limited, Capital Expenditure, CADm, 2006–2011
Figure 12: Imperial Oil Limited, Total Production By Type, MMboe, 2008–2015
Figure 13: Imperial Oil Limited, Cold Lake Contribution to Total Production, MMboe, 2008–2015
Figure 14: Imperial Oil Limited, Syncrude Contribution to Total Production, MMboe, 2008–2015
Figure 15: Imperial Oil Limited, Exploration Cost and Oil & Gas Reserve Addition, 2005–2010
Figure 16: Imperial Oil Limited, Key Drivers for Refining and Marketing Segments, 2010
Figure 17: Imperial Oil Limited, Petrochemicals Sales and Domestic Sales as Percentage to Total Sales, 2010
Figure 18: Imperial Oil Limited, Total Sale of Petrochemicals Sales Capital Expenditure, 2006–2010
Figure 19: Imperial Oil Limited & Peer Group, Relative Share Price Performance Index , June 2010– June 2011
Figure 20: Imperial Oil Limited and its Peers, Per Boe Parameters, 2010
Figure 21: Imperial Oil Limited and its Peers, Total Reserves & Production, MMboe, 2010
Figure 22: Imperial Oil Limited and its Peers, Valuation Ratios, 2010
Figure 23: Imperial Oil Limited, Total Crude Oil and Natural Gas, Production and Reserves, MMboe, 2006-2010
Figure 24: Imperial Oil Limited, Total Oil & Gas Reserves, End of Period, By Country/Region, MMboe, 2006-2010
Figure 25: Imperial Oil Limited, Total Oil & Gas Production, By Country/Region, MMboe, 2006-2010
Figure 26: Imperial Oil Limited, Total Crude Oil and Natural Gas Reserve Changes, MMboe, 2010
Figure 27: Imperial Oil Limited, Crude Oil Production and Reserves Metrics, MMbbl, 2006-2010
Figure 28: Imperial Oil Limited, Oil Reserves, End of Period, By Country/Region, MMbbl, 2006-2010
Figure 29: Imperial Oil Limited, Oil Production, By Country/Region, MMbbl, 2006-2010
Figure 30: Imperial Oil Limited, Crude Oil Reserve Changes, MMbbl, 2010
Figure 31: Imperial Oil Limited, Natural Gas Production and Reserves Metrics, Bcf, 2006-2010
Figure 32: Imperial Oil Limited, Gas Reserves, End of Period, By Country/Region, Bcf, 2006-2010
Figure 33: Imperial Oil Limited, Gas Production, By Country/Region, Bcf, 2006-2010
Figure 34: Imperial Oil Limited, Natural Gas Reserve Changes, Bcf, 2010
Figure 35: Imperial Oil Limited, Oil and Gas Reserves Life Index, Years, 2006-2010
Figure 36: Imperial Oil Limited, Gas Reserve Life Index, By Country/Region, Years, 2006-2010
Figure 37: Imperial Oil Limited, Oil & Gas Reserve Life Index, By Country/Region, Years, 2006-2010
Figure 38: Imperial Oil Limited, Oil Reserve Life Index, By Country/Region, Years, 2006-2010
Figure 39: Imperial Oil Limited, Upstream Capital Expenditure, $m, 2006-2010
Figure 40: Imperial Oil Limited, Unproved Acquisition Costs, By Country/Region, $m, 2006-2010
Figure 41: Imperial Oil Limited, Development Costs, By Country/Region, $m, 2006-2010
Figure 42: Imperial Oil Limited, Exploration Costs, By Country/Region, $m, 2006-2010
Figure 43: Imperial Oil Limited, 3-Year Wt.Avg., Reserves Replacement, Finding and Development Costs, Finding Cost and Proved Acquisition Costs Per boe, $/boe, 2006-2010
Figure 44: Imperial Oil Limited, Oil & Gas Finding & Development Cost/boe, 3-Year Average, By Country/Region, $/boe, 2006-2010
Figure 45: Imperial Oil Limited, Oil & Gas Finding Cost per boe, 3-Year Average, By Country/Region, $/boe, 2006-2010
Figure 46: Imperial Oil Limited, Reserve Replacement Cost per boe, 3-Year Average, By Country/Region, $/boe, 2006-2010
Figure 47: Imperial Oil Limited, 3-Year Wt.Avg., Oil and Gas Production Replacement Ratio, %, 2006-2010
Figure 48: Imperial Oil Limited, 3-Year Wt. Avg. Gas F&D Production Replacement, By Country/Region, %, 2006-2010
Figure 49: Imperial Oil Limited, 3-Year Wt. Avg. Gas RRC Production Replacement, By Country/Region, %, 2006-2010
Figure 50: Imperial Oil Limited, 3-Year Wt. Avg. Oil & Gas F&D Production Replacement, By Country/Region, %, 2006-2010
Figure 51: Imperial Oil Limited, 3-Year Wt. Avg. Oil & Gas RRC Production Replacement, By Country/Region, %, 2006-2010
Figure 52: Imperial Oil Limited, 3-Year Wt. Avg. Oil F&D Production Replacement, By Country/Region, %, 2006-2010
Figure 53: Imperial Oil Limited, 3-Year Wt. Avg. Oil RRC Production Replacement, By Country/Region, %, 2006-2010
Figure 54: Imperial Oil Limited, Revenue and Expenses, $m, 2006-2010
Figure 55: Imperial Oil Limited, Depreciation, Depletion and Amortization From Upstream Oil & Gas Operations, By Country/Region, $m, 2006-2010
Figure 56: Imperial Oil Limited, Exploration Expenses, By Country/Region, $m, 2006-2010
Figure 57: Imperial Oil Limited, Income Tax Provision (Benefit) From Upstream Oil & Gas Operations, By Country/Region, $m, 2006-2010
Figure 58: Imperial Oil Limited, Net Income/ Loss From Upstream Oil & Gas Operations, By Country/Region, $m, 2006-2010
Figure 59: Imperial Oil Limited, Oil & Gas Revenue, By Country/Region, $m, 2006-2010
Figure 60: Imperial Oil Limited, Profit (loss) Before Taxation From Upstream Oil & Gas Operations, By Country/Region, $m, 2006-2010
Figure 61: Imperial Oil Limited, Production Costs, By Country/Region, $m, 2006-2010
Figure 62: Imperial Oil Limited, Total Expenses From Upstream Oil & Gas Operations, By Country/Region, $m, 2006-2010
Figure 63: Imperial Oil Limited, Oil and Gas Revenue and Expenses, $/boe, 2006-2010
Figure 64: Imperial Oil Limited, Exploration Expenses per boe, By Country/Region, $/boe, 2006-2010
Figure 65: Imperial Oil Limited, Income Tax/(Benefit) per boe, By Country/Region, $/boe, 2006-2010
Figure 66: Imperial Oil Limited, Lifting Cost per boe, By Country/Region, $/boe, 2006-2010
Figure 67: Imperial Oil Limited, Annual Net Income per boe, By Country/Region, $/boe, 2006-2010
Figure 68: Imperial Oil Limited, Oil & Gas Revenue per boe, By Country/Region, $/boe, 2006-2010
Figure 69: Imperial Oil Limited, Total DD&A per boe, By Country/Region, $/boe, 2006-2010
Figure 70: Imperial Oil Limited, Total Revenue per boe, By Country/Region, $/boe, 2006-2010
Figure 71: Imperial Oil Limited, Oil and Gas Performance Metrics, 2006-2010
Figure 72: Imperial Oil Limited, Land Holdings (Developed and Undeveloped Acreage), Acres, 2006-2010
Figure 73: Imperial Oil Limited, Total Gross Undeveloped Acreage, By Country/Region, Acres, 2006-2010
Figure 74: Imperial Oil Limited, Total Net Undeveloped Acreage, By Country/Region, Acres, 2006-2010
Figure 75: Imperial Oil Limited, Total Gross Developed Acreage, By Country/Region, Acres, 2006-2010
Figure 76: Imperial Oil Limited, Total Net Developed Acreage, By Country/Region, Acres, 2006-2010
Figure 77: Imperial Oil Limited, Producible Oil and Gas Wells, 2006-2010
Figure 78: Imperial Oil Limited, Gross Productive Gas Wells, By Country/Region, Number, 2006-2010
Figure 79: Imperial Oil Limited, Gross Productive Oil & Gas Wells, By Country/Region, Number, 2006-2010
Figure 80: Imperial Oil Limited, Gross Productive Oil Wells, By Country/Region, Number, 2006-2010
Figure 81: Imperial Oil Limited, Net/Gross Oil & Gas Ratio, By Country/Region, %, 2006-2010
Figure 82: Imperial Oil Limited, Net Productive Gas Wells, By Country/Region, Number, 2006-2010
Figure 83: Imperial Oil Limited, Net Productive Oil & Gas Wells, By Country/Region, Number, 2006-2010
Figure 84: Imperial Oil Limited, Net Productive Oil Wells, By Country/Region, Number, 2006-2010
Figure 85: Imperial Oil Limited, Exploratory and Developed Wells, 2006-2010

Additional Focus on the Unconventional can Add Huge Potential to the Company Future Production

Imperial Oil is involved in the production of crude oil and natural gas from both conventional and unconventional resources. The company’s conventional crude oil production comes from the Norman field, which is at mature stage. Imperial Oil’s unconventional production includes bitumen and synthetic crude from the Cold Lake and Syncrude facility located in Alberta. With the decline in the production from conventional assets, the company has been developing unconventional oil assets.

In the line with its plan to develop unconventional assets, the company has been identifying and investing in high yield projects. Earlier also, the company has invested substantially in unconventional assets, comprising Cold Lake and Syncrude, which are currently contributing 82% to the company’s total production. These unconventional assets contributed 681 MMboe of Syncrude and 1,715 MMboe of Cold Lake reserves (Bitumen) to the company’s total reserves to date. After the successful execution of these unconventional assets, the company has been focusing on the Kearl and Nabiye projects in Alberta to further develop unconventional resources. These projects are estimated to have resource potential of 4 Bboe.

The company has around 2,549 MMboe of total reserves in 2010, of which unconventional reserves accounted for nearly 94% of the total reserves, signifying its increasing focus on unconventional resources. The below figure outlines the company’s total proved reserves and unconventional reserves as a proportion of total reserves during the period 2008–2010.

Figure 1: Imperial Oil Limited, Net Proved Reserves (MMboe) and Proportion of Unconventional Proved Reserves to Total Reserves (%), 2008–2010

Source: GlobalData; Company Source

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