Majors exiting Canada’s oil sands acting in own interest: Trudeau

11 Mar 2017   Canada

Canadian Prime Minister Justin Trudeau on Friday dismissed a recent string of major oil companies selling their holdings in the heavy oil sands of Western Canada and moving investments to shale fields. Royal Dutch Shell ( RDSa.L ) and Marathon Oil ( MRO.N ) this week disclosed sales of operations that largely removed both firms from the carbon-heavy oil reserves. Shell is selling its interests to Canadian Natural Resources( CNQ.TO ). Last month, Exxon Mobil ( XOM.N ) wrote down all of its oil reserves from its Kearl project in northern Alberta, saying extracting the oil was no longer economic at current prices. “Businesses will make the decisions they make,” Trudeau said. In a wide-ranging media briefing, Trudeau said oil and gas executives are looking for greater clarity […]

Tags:

Comments are closed.