Shell halts Carmon Creek oil sands project in Alberta, Canada
Source: Agence France-Presse
Shell halts Carmon Creek oil sands project in Alberta, Canada
Agence France-Presse in London
Wednesday 28 October 2015 01.15 GMT
Royal Dutch Shell will halt construction of its Carmon Creek thermal oil sands venture in Canada due to “uncertainties” facing the project, including a lack of infrastructure.
The decision to stop the project in the western province of Alberta comes as Shell cuts costs and a shortage of pipeline capacity constrains growth in the Canada’s oil sands industry.
Shell chief executive officer Ben van Beurden said: “We are making changes to Shell’s portfolio mix by reviewing our longer-term upstream options worldwide, and managing affordability and exposure in the current world of lower oil prices.
“This is forcing tough choices at Shell.”
Oil giants such as Shell and its rival BP have been slashing investment and jobs after a slide in crude prices, which are trading at less than half of their 2014 highs due to a global supply glut.
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Read more: http://www.theguardian.com/business/2015/oct/28/shell-halts-carmon-creek-oil-sands-project-in-alberta-canada