Canada’s Imperial Oil forecast higher crude production in 2025 on Thursday, as it expects to ramp up output from existing oil sands assets.
The company, majority-owned by Exxon Mobil, expects higher production from its Kearl and Cold Lake oil sands assets in Alberta.
Imperial forecast 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.
The company also said that it expects capital spend of C$1.9 to C$2.1 billion for next year, higher from the C$1.8 to C$1.9 billion forecasted for 2024.
(Reporting by Sourasis Bose and Seher Dareen in Bengaluru; Editing by Tasim Zahid)