Imperial Oil to market interests in Canada’s Norman Wells oilfield

Imperial Oil, the Calgary-based subsidiary of ExxonMobil, plans to market its interests in the Norman Wells oilfield in the Northwest Territories, Canada.

Marketing of the assets is expected to begin in the third quarter of this year.

The company has not yet taken any decision to sell the assets.

Imperial said that it recognises the significance of the marketing effort and potential sale for people in the area and is currently holding discussions with Sahtu leaders about its plans.

Producing wells on natural and artificial islands in the Mackenzie River, as well as a central processing facility that also generates electricity for the town of Norman Wells, form part of the assets.

Last year, gross production at Norman Wells averaged at 11,000 barrels per day.

The company also plans to market a fuels distribution terminal.

During the first half of this year, Imperial Oil’s upstream unit costs were reduced by 18% compared to the first half of last year and capital expenditures of $743m declined by more than $1.1bn.

Imperial Oil intends to continue to reduce operating costs while maintaining the operational integrity of its assets.

Imperial is Canada’s petroleum refiner and also produces crude oil and natural gas.