| |
5 Pages

Shell halts 80,000 b/d Carmon Creek in situ oil sands project

Shell halts 80,000 b/d Carmon Creek in situ oil sands project

Report summary

On 27 October 2015, Shell announced it will halt construction of the 80,000 b/d Carmon Creek in situ oil sands project. The announcement comes several months after Shell initially delayed the project by two years in May 2015, citing low oil prices and a desire to re-tender contracts and lower costs as the reasoning. Early construction work and capital spend at Phase 1 had been initiated after corporate sanctioning in October 2013. With multi-year lead times, the impacts of oil sands project delays and cancellations today are felt five to six years later, doing little to ease the current global supply glut. Oil sands production is not as nimble and fast acting to oil prices as tight oil. Oil sands, together with other large global resource plays are an important element in our future global supply forecast and we believe these volumes are needed to balance the global supply-demand equation in the years to come.

What's included?

This report includes 1 file(s)

  • Shell halts 80,000 b/d Carmon Creek in situ oil sands project PDF - 277.55 KB 5 Pages, 1 Tables, 1 Figures


This Upstream Oil and Gas Insight report highlights the key issues surrounding this topic, and draws out the key implications for those involved.

This report helps participants, suppliers and advisors understand trends, risks and issues within the upstream oil and gas industry. It gives you an expert point of view to support informed decision making.

Wood Mackenzie's 500 dedicated analysts are located in the markets they cover. They produce forward-looking analysis at both country and asset level across the globe, backed by our robust proprietary database of trusted research.

Proprietary data means a superior level of analysis that is simply not available anywhere else. Wood Mackenzie is the recognised gold standard in upstream commercial data and analysis.

  • Bucking the trend of project deferrals
    • Carmon Creek economics
    • Existing operations also impacted?
    • Rationale echoes sentiments from 2014 delays announced prior to the oil price collapse
    • Production growth still building
    • Outcomes

In this report there are 2 tables or charts, including:

  • Bucking the trend of project deferrals
    • Oil sands project announcements since oil price downturn
    • Bitumen forecast 2015 versus 2014
Requester's name : .............
Department : .............
Authoriser's Name : .............
Authoriser's signature : .............
Date : .............
Cost Centre : .............

Questions about this report?

Frequently Asked Questions
  • Europe: +44 131 243 4699
  • Americas: +1 713 470 1900
  • Asia Pacific: +61 2 8224 8898
contact us

Why Wood Mackenzie?

Wood Mackenzie, a Verisk Analytics business, has been a trusted source of commercial intelligence for the world's natural resources sector for more than 40 years, empowering clients to make better strategic decisions with objective analysis and advice.

We work across every sector of oil, gas, power, renewables, chemicals, metals and mining, covering more than 150 countries. Our proprietary data and models are at the core of everything we do, ensuring our independent asset and company valuations are thoroughly robust and that we offer an accurate forward-looking view of economic indicators such as market supply, demand and price trends.

Our 500+ analysts are based in the regions they cover, cultivating an unrivalled depth of understanding to help clients accurately identify new opportunities, define their strategy and improve business performance.

At every stage, our teams readily collaborate and share their insight to provide an integrated perspective across entire industries. It is this unique and rigorous analytical approach that ensures we are recognised as the industry standard by the world’s most innovative organisations.