Southern Pacific Resource Corp STPJF

Bigboys see long term value in SAGD projects..

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STP is not going away..... T2 Imperial Oil applies for regulatory okays for Muskeg 2013-12-17 17:44 ET - News Release An anonymous director reports IMPERIAL OIL FILES REGULATORY APPLICATIONS FOR ASPEN OIL SANDS PROJECT Imperial Oil Ltd. has filed regulatory applications with the Alberta Energy Regulator and Alberta Environment and Sustainable Resource Development, seeking approval of a new oil sands project on its Muskeg lease about 45 kilometres northeast of Fort McMurray. The proposed Aspen development would take place on a 52-section lease area and use steam-assisted gravity drainage technology to access a bitumen resource with recoverable potential of 1.1 billion barrels. Imperial is considering using solvents to achieve enhanced in situ recovery and reduce water use and carbon dioxide emissions. Solvent-assisted SAGD technology is being evaluated in a pilot at Imperial's Cold Lake operation. The proposed design concept involves three phases that will follow Imperial's design one, build multiple approach and will include central steam generation, bitumen-processing plant facilities and energy-saving electrical power cogeneration. Development would be phased during the expected 40-year span of the project, with each phase bringing on commercial bitumen production of about 45,000 barrels per day. The concept plan includes future debottlenecking, which could further increase bitumen production. Subject to timely receipt of regulatory approvals, further technical evaluation, and favourable business and market conditions, a final investment decision could be made by as soon as 2017, and the project could be producing as early as 2020. The Aspen development is part of a portfolio of in situ oil sands opportunities Imperial is currently evaluating. Other potential developments include the Corner and Clyden leases near Fort McMurray and the Grand Rapids opportunity on Imperial's Cold Lake lease.