17 Canadian Tar Sands Projects Have Been Canceled Since 2014
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That means that almost no one is expecting big investments to flow into Canada’s oil sands, even though the Canadian government’s recent approval of two major oil sands pipelines — and Trump’s possible support of the Keystone XL Pipeline — could give the oil sands a boost in the coming years.
“In general, we don’t expect to see any new wave of investment that you saw in 2010,” when oil prices were rising rapidly toward $100 per barrel, said Jackie Forrest, director of research for ARC Energy Research Institute in Calgary. Oil sands growth isn’t guaranteed even if the Trump administration approves Keystone XL because there could be an undercurrent of nativism or protectionism in U.S. energy policy, said Warren Mabee, Canada Research Chair in Renewable Energy at Queens University in Kingston, Ontario.
“Recall that President-elect Trump has said that Keystone XL should be built, but that he wants a ‘piece’ of it,” Mabee said. “What does this mean? New tariffs or taxes?” Mabee said. “It’s not clear that Canadian companies will benefit hugely from the new administration.”
Seventeen major oil sands projects were cancelled after oil prices crashed in 2014, as companies took major losses, Forrest said. Major investors in the oil sands have begun to leave, including Norway-based Statoil, which pulled out of the oil sands in December because it couldn’t make money there. Oil sands companies were also hard hit by last year’s Fort McMurray wildfires, causing more than $3 billion in losses — the costliest natural disaster in Canada’s history. Suncor, one of the largest oil sands producers in Alberta, suffered a $735 million loss to its operations.
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http://www.climatecentral.org/news/canadas-vast-source-of-climate-pollution-21044