Study Projects $200 Billion in Delayed Fossil Fuel Investment, $60 Billion in Canada
Canada can expect to see $60 billion in delayed tar sands/oil sands investment through 2017 as a result of collapsing world oil prices that are curtailing global fossil fuel investment by $200 billion, Scottish energy consultancy Wood Mackenzie Ltd. announced this week.
“The dramatic fall in oil prices in 2014 and subsequent dismantling of 2015 company budgets has already resulted in over 45 major projects delayed this year,” Mining.com reports. “About half the affected venture are deep-water projects, while almost 30% are in Canadian oil sands.”
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Delayed projects in Canada will likely include Cenovus Energy Inc.’s Christina Lake Phase H and its Narrows Lake Phase A, expansion of Husky Energy Inc.’s Sunrise SAGD plant, and PetroChina’s MacKay River project, Jamasmie writes.