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17

ExxonMobil Extendss Oilsands Reserves

ExxonMobil Corp., 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.

ExxonMobil Corp., 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 billion barrels as of Dec. 31, enough to supply every refinery in the U. S. Midwest for 1½ years, the company said Friday in a public filing. Exxon's oilsands holdings amounted to 694 million barrels at the end of 2007.

Exxon is developing the $8-billion 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 Ltd., the world's biggest oilsands producer.

Author: Ksenia Kochneva