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Gold/Mining/Energy : Canadian Oil & Gas Companies
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To: Richard Saunders who wrote (5985)2/8/1999 11:37:00 PM
From: Tomas   of 24923
 
Canada: Oilsands projects under scrutiny. Oil & Gas Journal February 8

Timing of expansion plans for some oilsands plants in northern Alberta are coming under scrutiny because of continuing weak oil prices. Shell Canada Ltd., Calgary, says plans for a $3.4 billion (Canadian) upgrader project in Alberta will now go to its board for approval later than originally planned. Shell's Muskeg River project includes a mine near Fort McMurray, an upgrader at Scotford, and a pipeline connecting the two. Shell said a decision on the project will be made in the second half instead of this spring, and oil prices will be reviewed.

Syncrude Canada Ltd. says a $3 billion upgrader project for its northern Alberta operation could be delayed to 2003 from 2002 for completion of the first two phases.

There have been no announcements on a planned $2 billion oilsands project in northern Alberta by Mobil Oil Canada Ltd., which could be influenced by the current merger plans of parent Mobil Corp. and Exxon Corp.

Meanwhile, the board of Suncor Inc., Calgary, has approved the $2 billion Millennium expansion project for its oilsands operations near Fort McMurray. The project would double Suncor's oilsands output by 2002 and call for outlays of $750 million in 1999.
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