Nov 6 (Reuters) - Imperial Oil Ltd said on Tuesday that it would go ahead with the construction of its C$2.6 billion Aspen project in northern Alberta, the first new oil sand development to be greenlighted since 2013.
The Calgary, Alberta-based company, which is majority owned by Exxon Mobil, said it would start construction on the 75,000-barrel-per-day project in the fourth quarter of 2018 with first output expected in 2022.
The Aspen project will use new recovery technology to lower emissions and water use, and improve project economics, the company said.
“We do not take investment decisions lightly, particularly in these challenging times,” said Imperial Chief Executive Rich Kruger in a statement. “This is the right technology at the right time to make a competitive investment.” (Reporting by Julie Gordon in Vancouver; Editing by Sandra Maler)