Company: IMO
Filing Date: 2025-02-19
Form Type: 10-K
Source: 0000049938-25-000015
Chunk: 30

Company: IMPERIAL OIL LTD
Filing Date: 2025-02-19
Form: 10-K
Item: Item 1
Chunk 30
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 driven by lower energy costs and higher Kearl production due to improved reliability, plant capacity utilization, and mine equipment productivity.

In 2023, synthetic crude oil unit production costs decreased, primarily driven by higher net production.

10

Drilling and other exploratory and development activities

The company has been involved in the exploration for and development of crude oil and natural gas in Canada only. 

Wells drilled 

The following table sets forth the net exploratory and development wells that were drilled or participated in by the company during the three years ended December 31, 2024.

wells2024 2023 2022 Net productive exploratory— — — Net dry exploratory— — — Net productive development14 32 24 Net dry development— — — Total14 32 24 

In 2024, wells drilled to add productive capacity include 14 development wells at Cold Lake. 

In 2023, wells drilled to add productive capacity include 32 development wells at Cold Lake.

Wells drilling 

At December 31, 2024, the company was drilling the following development wells to add productive capacity at Cold Lake. All wells were located in Canada.

2024wellsGrossNetTotal2 2 

Exploratory and development activities regarding oil and gas resources 

Cold Lake

To maintain production at Cold Lake, capital expenditures for additional production wells and associated facilities are required periodically. In 2024, additional development wells were drilled to add productive capacity. In 2025, a development drilling program is planned within the approved development area to add productive capacity. 

In August 2018, Imperial received regulatory approval from the Alberta Energy Regulator (AER) for an expansion project at Cold Lake to develop the Grand Rapids interval using Solvent Assisted - Steam Assisted Gravity Drainage (SA-SAGD) technology, capable of producing 50,000 barrels per day before royalties. The company is developing the Grand Rapids reservoir through capital-efficient investments that make use of available steam capacity from existing plants, with the initial phase of Grand Rapids development planned as an extension from the Nabiye plant. In April 2022, the Grand Rapids Phase 1 (GRP1) project was approved by the company's board with a forecasted average production of 15,000 barrels per day before royalties. The initial steam injection phase at Grand Rapids started in December 2023 and first oil production was achieved in May 2024.

Additionally,