Wednesday, September 17th18.7°C
23373
22916

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

21097


Recent Trending




Today's Market
S&P TSX15498.60-11.94
S&P CDNX973.79-1.91
DJIA17185.4353.46
Nasdaq4573.784+21.025
S&P 5002006.48+7.50
CDN Dollar0.9095-0.002
Gold1230.60-6.10
Oil94.24-0.64
Lumber349.00+1.00
Natural Gas4.08+0.017

 
Okanagan Companies
Pacific Safety0.165-0.01
Knighthawk0.01-0.005
QHR Technologies Inc1.27-0.03
Cantex0.06-0.01
Anavex Life Sciences0.2361-0.0139
Metalex Ventures0.060.00
Russel Metals36.38+0.43
Copper Mountain Mining2.74+0.05
Colorado Resources0.155-0.005
ReliaBrand Inc0.027+0.003
Sunrise Resources Ltd0.02-0.005
Mission Ready Services0.29-0.01

 



22980

FEATURED Property
20652341581 Gregory Road
6 bedrooms 4 baths
$875,000
more details
image2image2image2
Click here to feature your property
Please wait... loading


Power-save your way to a down payment

Part 1 of 2 Photo: Thinkstock.com1. Move in with your parents or in-laws Explain that you're thinking strategically in moving back home. The quickest way to get into the housing market is to ma...


Price Guarantees

Article written by Linda Bustos Though I’d never recommend “lowest prices” as a unique selling proposition, I notice many retailers use a Price Match Guarantee or even a 110% Guara...


Brangelina and Celebrity vs Philanthropy

This week my wife wrote a blog for our charities website, I thought you may enjoy reading it here: I was planning to write about the incredible philanthropic Miss Angelina when, funnily enough, she ...

_



23109




Member of BC Press Council


22267