Imperial Oil Canada (Exxon-Mobil) made Albertans happy as the company today approved an $8 billion project for the Kearl oil sands of northeastern Alberta.

Oil prices are expected to stabilize at $80/bbl or higher, which would guarantee a 10-per-cent after-tax profit.

The Kearl sands have 4.6 billion bbls of recoverable bitumin, and, at the rate of 345,000 bbl/day, the project will last half a century.
First production of 110,000 bbl/day will be attained in 2012 and gradually increased after that.

Suncor, planning merger with Petro-Canada, is planning revival of its temporarily stalled projects.
Total SA, the French giant, also is readying their oil sands plans.

Nathan VanderKlippe, The Globe and Mail, May 25, 2009.