Norwegian oil major Statoil will be pulling out of its Canadian oilsands project after nearly a decade with an expected loss of at least USD$500 million.
In yet another sign that Canada’s oilsands – one of the most polluting fossil fuel projects on the planet – is becoming increasingly costly, Lars Christian Bacher, Statoil’s executive vice-president for international development and production, said in a statement: “This transaction corresponds with Statoil’s strategy of portfolio optimisation to enhance financial flexibility and focus capital on core activities globally.”
The 14 December announcement comes just weeks after Prime Minister Justin Trudeau approved the (Read more…) Kinder Morgan Trans Mountain pipeline and the Enbridge Line 3 pipeline in a move to facilitate growth in the oilsands and create jobs.