Total's Alberta oilsands writeoff is a wake-up call - not a cheap shot - 2020-08-05

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F0.png Total's Alberta oilsands writeoff is a wake-up call - not a cheap shot August 5, 2020, Judith Lavoie, The Narwhal

The news broke in the last, ostensibly lazy week of July, and it sent a shockwave through the oilpatch: French fossil fuel giant Total was designating $9.3 billion in Alberta crude investments as stranded assets.

Citing high production costs and forecasting declining demand for oil, Total said it was writing off its $7.3-billion stake in the Fort Hills bitumen mine, a massive development capable of processing 14,500 tonnes of oil sand per hour.

Total also dropped its 50 per cent share in the Surmont bitumen recovery project, a joint effort with ConocoPhillips Canada that was busy doubling its output as recently as 2016. For good measure, Total dropped its membership in the Canadian Association of Petroleum Producers.

Wikipedia cite:
{{cite news | first = Judith | last = Lavoie | title = Total's Alberta oilsands writeoff is a wake-up call - not a cheap shot | url = https://thenarwhal.ca/opinion-total-alberta-oilsands-fort-hills-writeoff/ | work = The Narwhal | date = August 5, 2020 | accessdate = August 6, 2020 }}