Canada's Imperial Oil forecasts higher 2025 production on oil sands boost
Adds details on refinery operations between paragraphs 5-6, details on capital spending in paragraph 7
Dec 12 (Reuters) -Imperial Oil IMO.TO on Thursday forecast higher crude production in 2025, as the Canadian energy major expects to ramp up output from existing oil sands assets.
The company, majority-owned by Exxon Mobil XOM.N, expects higher production from its Kearl and Cold Lake oil sands assets in Alberta.
Imperial estimated 2025 production in the range of 433,000 to 456,000 barrels of oil equivalent per day, compared to 420,000 to 442,000 boped it forecast for 2024.
Peers Cenovus Energy CVE.TO and Suncor Energy SU.TO also forecast higher production next year, as Canadian oil producers bank on higher exports to Asia and the U.S. West Coast through the Trans Mountain Pipeline expansion project.
Imperial projected downstream throughput in the range of 405,000 and 415,000 barrels per day with capacity utilization between 94% and 96%.
The Calgary, Alberta-based company said it expected maintenance turnarounds in all of its refineries with lower anticipated impact to throughput and costs compared to 2024.
The company predicted capital spending of C$1.9 to C$2.1 billion ($1.48 billion) for next year, higher than the C$1.8 to C$1.9 billion estimated for 2024.
The spending focus would be on increasing bitumen recovery and mine progression work at Kearl, as well as completion of the Leming redevelopment project and high-value drilling opportunities at Cold Lake.
The Strathcona renewable diesel facility near Edmonton is expected to come online next year, the company said.
($1 = 1.4167 Canadian dollars)
Reporting by Sourasis Bose and Seher Dareen in Bengaluru; Editing by Tasim Zahid and Sriraj Kalluvila
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