‘Difficult news’ as Imperial announces speedier shutdown of N.W.T. oilfield
Global News
Imperial Oil has announced it's ending the production of oil in Norman Wells, a once massive oilfield in the Northwest Territories where it has operated for more than a century.
The end is fast approaching for a Northwest Territories oilfield Imperial Oil Ltd. first tapped more than a century ago.
The Calgary-based company, majority owned by U.S. heavyweight ExxonMobil Corp., announced Friday that it aims to wind down production at Norman Wells by the end of the third quarter of this year.
That’s sooner than the end-of-decade closure it had earlier targeted, CEO John Whelan told analysts on a conference call to discuss Imperial’s latest financial results.
The change of plans resulted in a $320-million after-tax charge against Imperial’s fourth-quarter earnings, which were down sharply from a year ago due to that and other factors, including lower commodity prices and weather-related production hiccups in the oilsands.
“I would like to take a moment to thank our Imperial team members and our partners that have contributed to and are still supporting our efforts at Norman Wells,” Whelan said.
“As we continue to supply essential energy products to the North, and as we move forward with the decommissioning at Norman Wells, our focus will remain on strong relationships and working closely with local communities.”
Norman Wells, almost 700 kilometres northwest of Yellowknife on the Mackenzie River, has a population of about 800.
The town says on its website that it was the first community in the Northwest Territories to be established solely as a result of non-renewable resource development, with most others tracing their roots to the fur trade.
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