Tuesday, July 7th14.6°C
26926
25998

Escalating costs causing Total E&P Canada to shelve Joslyn oilsands project

CALGARY - Total E&P Canada says it's putting its Joslyn oilsands project on hold indefinitely because its economics aren't good enough to move ahead.

President and chief executive Andre Goffart says rising costs for materials and labour, combined with oil prices that are stable at best, are squeezing the project's margins.

The decision means 150 jobs will be cut by the end of this year, but Goffart says some of those workers may be moved to other parts of the company.

Total and the project's minority partners will spend time trying to find ways to drive down costs at Joslyn, but there's no timeline for when it may be revived.

Goffart says the other partners, Suncor Energy Inc. (TSX:SU), Occidental Petroleum and Inpex Canada all agree it's best to be put Joslyn on ice.

The project is 65 kilometres northwest of Fort McMurray, Alta.

The Canadian Press


Read more Business News




Recent Trending




Today's Market
S&P TSX14593.57-88.82
S&P CDNX663.33-7.25
DJIA17683.58-46.53
Nasdaq4991.94-17.27
S&P 5002068.76-8.02
CDN Dollar0.7867-0.0039
Gold1166.10-6.80
Oil53.78+0.65
Lumber285.00-3.50
Natural Gas2.778+0.022

 
Okanagan Companies
Pacific Safety0.175+0.005
Knighthawk0.010.00
QHR Technologies Inc1.52+0.00
Cantex0.05+0.02
Anavex Life Sciences0.52+0.06
Metalex Ventures0.065-0.010
Russel Metals22.39-0.39
Copper Mountain Mining1.09-0.08
Colorado Resources0.08-0.01
ReliaBrand Inc0.006+0.000
Sunrise Resources Ltd0.035-0.005
Mission Ready Services0.165+0.005
Decisive Dividend Corporation3.00+0.00

 



26755

FEATURED Property
2330021#310 3645 Carrington Road SE
1 bedrooms 1 baths
$209,900
more details
image2image2image2
Click here to feature your property
Please wait... loading


Increase property value

Photo: Thinkstock.comHere are five of the best renovations you can do to your home to increase property value. These five renovations can sometimes have a return on investment five to six times what t...


Active listening

Has this ever happened to you? You had an initial meeting with a prospect. You asked that prospect what seemed to be all the right questions. You had what felt to you like a good conversation, and bas...


The price of money

Money is not a commodity. By definition, a commodity is a generic product that is bought and sold on price alone. Money, Canadian bills for example, look the same, smell somewhat the same, and are ava...

_



26928




Member of BC Press Council


26916