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Imperial Oil to boost spending, slightly raise output amid volatile recovery

November 23/2020

MOSCOW (MRC) -- Canada's Imperial Oil , one of the country's biggest crude producers and refiners, said that it would raise capital spending and production next year as a volatile recovery of energy demand continues, reported Reuters.

Chief Executive Brad Corson said at the companys virtual investor day presentation that a recovery in global energy demand looked to be highly uncertain and dependent on the spread of COVID-19. Pandemic travel restrictions have crushed fuel demand, depressing oil prices and forcing producers to cut costs and jobs.

Imperial plans to spend CD1.2 billion (USD917.01 million) in 2021, up 33% from 2020. Upstream production looks to rise 5% to 415,000 barrels of oil equivalent per day.

The company, majority owned by US oil major Exxon Mobil Corp, said it would also aim to reduce greenhouse gas emissions intensity, a measure of pollution per barrel, by 10% by the end of 2023 from 2016 levels.

Imperial said it has already cut emissions intensity by more than 20% since 2013 and will achieve further reductions by improving productivity at its Kearl site and adopting new technologies.

As MRC wrote previously, in July 2020, Imperial Oil said delayed turnarounds at its 120,000 b/d Sarnia, Ontario, refinery and one of three cokers at the Syncrude facility in Western Canada from the second quarter to the third quarter as it continues to assess the impact of the coronavirus on its operations.

Ethylene and propylene are feedstocks for producing polyethylene (PE) and polypropylene (PP).

ccording to MRC's ScanPlast report, Russia's estimated PE consumption totalled 1,594,510 tonnes in the first nine months of 2020, up by 1% year on year. Only high denstiy polyethylene (HDPE) shipments increased. At the same time, PP shipments to the Russian market reached 880,130 tonnes in the nine months of 2020 (calculated using the formula: production minus exports plus imports, exluding producers' inventories as of 1 January, 2020). Supply increased exclusively of PP random copolymer.


mrcplast.com
Author:Margaret Volkova
Tags:PP, PE, crude and gaz condensate, PP random copolymer, propylene, HDPE, ethylene, petrochemistry, Exxon Mobil, Imperial Oil Products, Russia.
Category:General News
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