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HomeNewsShell scraps Carmon Creek project near Peace River

Shell scraps Carmon Creek project near Peace River

An 80,000 barrel a day thermal oilsands project near Peace River has been mothballed by Royal Dutch Shell plc. The company announced the Carmon Creek project in October 2013, but slowed down work in March of this year in and attempt to lower costs and improve the design of the project.

Now the company says that because of low oil prices and the lack of infrastructure to move Canadian crude oil from Alberta to global markets, they have had to reconsider their investment in the project. The European energy company says they will take a $2 billion charge against their third quarter results because of the decision to scrap the Carmon Creek development.

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