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A two billion project is put on hold because of ‘long, costly, uncertain regulatory environment’ like the carbon tax.
Carbon tax is a blow for Alberta oil companies and workers, Imperial Oil made their announcement:
Via Financial Post:
Capital investment by Imperial Oil Ltd. is at a historic low because expanding regulatory timelines, market access challenges and escalating fiscal costs make it hard to start new projects, the company’s CEO said Friday.
Rich Kruger said the 138-year old company had hoped to have regulatory approval in hand by now for its 150,000-barrel-a-day Aspen project.
Imperial had counted on Aspen to lead its next major oilsands growth spurt. The project uses industry-leading solvent-assisted SAGD technology that is 25 per cent more capital efficient and produces 25 per cent fewer greenhouse gas emissions than SAGD projects already in operation.
Instead, Aspen, expected to cost $2 billion for each 75,000 barrels a day phase, has been under review by the Alberta Energy Regulator for four and a half years, leaving the company with no new major projects to work on.