Shell shelves 200,000 b/d oil sands project

摘要

Shell has halted plans to develop its 200,000 b/d Pierre River oil sands mine in Alberta,asking Canada’s federal regula-tors to suspend a review of the project while it assesses its global portfolio. “Shell is currently re-evaluating the timing of various asset developments with a focus on maintaining a competitive business and successful delivery of near-term growth projects,”the company said in a letter to the Canadian Environmental Assessment Agency. The development of new oil sands projects has been under investor scrutiny recently as transportation constraints and rising costs have cast a negative light on the resource.Shell chief executive Ben van Beurden plans to rein in spending and increase asset sales after the compa-ny’s total capital expenditure,including acquisitions,hit a record high of$46bn last year.Shell has postponed a final investment decision on the 18mn t/yr Arrow LNG project in Australia and has cancelled its plans to drill in the Arctic this year.