Source: CB&I, Imperial Oil
CB&I (NYSE:CBI) has been awarded a contract by Imperial Oil Resources (NYSE:IMO) for engineering, procurement and construction work on the Kearl oil sands project in Alberta, Canada. The value of CB&I's work scope is in excess of $900 million, which includes $500 million of incremental work releases booked prior to 2011.
CB&I will be responsible for the EPC execution of the bitumen extraction plant and tank farms, as well as the design, supply and construction of additional storage vessels, all of which are expected to be completed in the third quarter of 2012.
"This award builds on CB&I's proven experience in the Canadian oil sands," said Philip K. Asherman, President and CEO. "We are pleased to have supported Imperial Oil on this important energy project since its inception, and we look forward to expanding our relationship with them into the future."
Kearl Oil Sands Project
Located 70 kilometers north of Fort McMurray is the Kearl oil sands project, jointly owned between Imperial Oil (operator) and ExxonMobil Canada. It will be one of Canada’s largest open-pit mining operations with regulatory approval for up to 345,000 barrels a day of production.