Total Joslyn Oil-Sands Investment Delayed, Jobs Cut on Costs
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Total SA will cut 150 jobs at its Joslyn oil-sands project in Canada and delay a final investment decision as costs escalate and the company and partner Suncor Energy Inc. look for ways to make the project more profitable.
“We just need to find ways to go further in cost effectiveness,” Andre Goffart, the president of Total’s Canadian business, said on a conference call yesterday. Oil-sands mining projects including the C$11 billion ($10.1 billion) Joslyn venture are “very capital intensive projects.”