The sands of time

摘要

Some of the majors are calling time on their investments in Canada's oil sands. The development of the world's third-largest proven oil reserves is becoming a domestic affair, as a growing number of large foreign firms exit the sector, or sharply reduce their exposure to it. US upstream independent ConocoPhillips' decision to sell its non-operated Canadian assets to local company Cenovus Energy brings the value of oil sands assets changing hands this month to around $20bn, following an earlier deal between Shell and Canada's CNRL.