Oil-Sands Megaprojects are Finished on Grim Price Outlook
- Lower-for-longer market forecasts mean megaprojects on hold
- Fort Hills seen as last of oil-sands mines for years: Suncor
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The era of megaprojects in Canada’s oil sands is probably over as crude is seen staying lower for longer, some of the biggest developers said.
Producers that envisioned multibillion-dollar expansions when oil was over $100 a barrel are now opting for bite-sized additions after a price crash shook the energy industry. While some production growth is still expected in a market rebound as companies cut costs with new technology, massive developments are on hold, according to executives from Suncor Energy Inc., Cenovus Energy Inc. and Meg Energy Corp.