Shell to Abandon Oil-Sands Project — Energy Journal

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Royal Dutch Shell to Abandon Carmen Creek Oil-Sands Project - Royal Dutch Shell PLC blamed  the  uncertain  corporation  environment  pertaining to  abandoning plans  pertaining to   an  Canadian oil-sands project  AND ALSO   taking   a good  $2  billion dollars  write-down, Chester Dawson reports.  the  oil giant  in addition  voiced  questions   all about   possessing  sufficient pipeline capacity  in order to  ship oil-sands crude  to help  markets amid delays  in  pipelines  including  Keystone XL  for the  U.S. Gulf Coast.

Carmen Creek isn’t  the   very first  oil-sands project  for you to  face  Ailments   inside  cost, design, delays  ALONG WITH  low crude prices.  previously   the particular  year, three  largest  Canadian energy  services  said they would stop new  or maybe  expanded oil-sands ventures,  AND ALSO  last year French oil  institution   complete  SA  AS WELL AS  Statoil ASA  associated with  Norway put off plans.

Norway’s sovereign-wealth fund,  of which  relies  with  government transfers  regarding  oil revenue,  can be   likewise  struggling  As   ones  world’s  largest   these types of  fund  by  assets reported  a good  near  all 5  percentage-point drop  for the   value   regarding   their  investments  with the  third quarter, Kjetil Malkenes Hovland reports. Mining  firm  Glencore PLC  IN ADDITION TO  Volkswagen AG were among  your current   providers   This  hurt  your current  fund’s results.

Meanwhile, contract oil driller Nabors Industries Ltd. reported  a great  $295.8  zillion  loss  to its  third quarter amid  your own  downturn  on the  energy sector, Josh Beckerman reports.

Also  inside  Canada, oil  solutions   are usually  uncertain what  ones  future holds  In the same way  they face  your  end  of an  oil-friendly government  from the  election  connected with  Justin Trudeau  Just like  prime minister,  your own  Financial Times reports.