By Ed Crooks
Published: November 28 2008 02:00 | Last updated: November 28 2008 02:00
Royal Dutch Shell has delayed another Canadian oil sands project, saying it was reviewing its plan to find ways to “improve the project economics by reducing costs and increasing project revenue”.
The company has withdrawn the regulatory filing for Carmon Creek, a plan to expand its Peace River oil sands development to 100,000 barrels per day. A new proposal, involving a different method of extraction, is set to be submitted by the end of next year.
It is the second delay in Canada’s oil sands from Shell, following the announcement last month that it was deferring a decision on the second phase of the expansion of its Athabasca oil sands project, a 100,000 b/d increase in output.
A number of other companies, including Suncor, Petro-Canada, Nexen and Opti Canada, have recently delayed investment plans in Canada’s oil sands, one of the highest-cost areas for oil production in the world.
Ed Crooks
Copyright The Financial Times Limited 2008
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