Bullshit Poker

[CHIMO]

Oil companies stop work on Mackenzie Valley pipeline
Last updated Apr 28 2005 04:10 PM MDT

CALGARY – The oil companies behind the $7-billion Mackenzie Valley natural gas pipeline announced Thursday they had stopped most work on the project, saying there hasn't been enough progress in resolving several key issues, including access.

The pipeline partners said they remain committed to the project, but said progress has been so slow on bridging some differences that they are unwilling – at least for the time being – to commit more money.

The oil companies said they would stop project execution work like geotechnical data gathering, the start of detailed engineering, as well as work leading up to contracting for construction. But they said they would continue "all work associated with advancing the regulatory review process."

"Despite significant effort and expenditures by the proponents and other parties, the reality is that adequate progress is not being made in key areas," Imperial Oil senior vice president Michael Yeager said in a statement. "We are not giving up on developing a project that can be a sound investment for the proponents and can contribute to sustained economic development for the people of Canada's north, including employment, business opportunities and growth."

http://edmonton.cbc.ca/regional/servlet/View?filename=ed-mackenzie-valley20050428

Required reading for this: Confessions of An Ecconomic Hit Man

The gas is required to process the heavy oil in Fort Mac.
Detail engineering is not done and they are projecting a cost?
The devil is in the details.