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Shell halts work on Pierre River oil sands mine in northern Alberta

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| February 12, 2014 5:18 PM ET

Screen Shot 2014-02-13 at 00.32.08CALGARY – Royal Dutch Shell PLC told regulators it is halting work on its Pierre River mine in northern Alberta’s oil sands and that it has no idea when it may revive the blueprints. The Hague-based company this year cancelled plans to drill in Alaska’s Arctic and postponed development of a liquefied natural gas venture offshore Australia. The company issued a rare profit warning last month before reporting a 49% plunge in quarterly earnings to $2.9-billion.

FULL ARTICLE Photo credit: Chris Ratcliffe/Bloomberg

Screen Shot 2014-02-13 at 00.47.15RELATED: The United States’ oil and gas industry has “over-fracked and over-drilled”, according to Matthias Bichsel, projects and technology director at Royal Dutch Shell Plc.

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COMMENT FROM A SHELL RELATED SOURCE

Screen Shot 2014-02-13 at 10.30.28Bichsel appears to be acknowledging the scale of Shell Oil’s problems in North America. Taken with the postponement of the Canadian project, the enormity of the “unconventionals” debacle is starting to become clear. Bichsel’s admissions presumably mean that Odum’s retirement is imminent.

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