With global multinational TOTAL SA, scuppering any hopes that it might wade into Calgary and pickup Nexen Energy Inc. the gloom is starting to spread. Most "traditional" (read as our American cousins) multi-nationals have "iced" their Oilsands plans in the last few months. Today StatOilHydro ASA did the same, postponing development of it planned $16bn Heavy Oil Upgrader just outside Edmonton. (see chart WTI US$/bbl - courtesy Oilnergy Inc.)
West Texas oil fell more than 6% on yesterday (Dec 4) to its lowest level in nearly four years in response to further bleak economic data that could spell a deeper decline in global energy demand. U.S. light crude fell US$3.12 to US$43.67, the lowest since Jan.5, 2005. London Brent crude fell US$3.16 to US$42.28.The price decline has been shocking. Since the meltdown began in ernest in August WTI has dropped from US$110 to below US$50.
Here is a list of the number of Oil Sands projects that have been shelved.
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