Poor Economics Put Tar Sands/Oil Sands Project On Ice
The Joslyn tar sands/oil sands project northwest of Fort McMurray, Alberta is on indefinite hold, and project partners said their concern about the economics of the venture could extend to other developments in the region. “Costs are continuing to inflate, when the oil price—and specifically the netbacks for the oilsands—are remaining stable at best, thus squeezing the margins,” said André Goffart, CEO of Total E&P Canada. “We see that this situation cannot be sustainable in the long term.” (h/t to InsideClimate News)