Nov 13 - The growing financial crisis and plunging energy prices have forced oil companies to scale back spending and delay projects, with expensive ventures in the Canadian oil sands hardest hit.
Below is a list of projects that have been delayed or scaled back in recent months, as well as other related news.
Nov. 13 - Harvest Energy Trust (HTE_u.TO: Quote, Profile, Research, Stock Buzz) says it will defer a C$2 billion ($1.6 billion) expansion of its Come By Chance refinery in the Eastern Canadian province of Newfoundland and Labrador until financial conditions improve.
Instead of the 75,000 barrel per day capacity expansion, which would have boosted output to 190,000 bpd, the trust will begin working on C$300 million of de-bottlenecking projects at the site over the next few year.
Nov. 6 - Canadian Natural Resources Ltd (CNQ.TO: Quote, Profile, Research, Stock Buzz) slows spending on second phase of Horizon oil sands project for 2009 after first phase costs rise to C$9.7 billion, up 42 percent from 2004 estimate. Citing low oil prices and high costs, Canadian Natural also scraps timelines for phase 2, which would lift output to 250,000 bpd from 110,000.
Nov. 6 - ConocoPhillips (COP.N: Quote, Profile, Research, Stock Buzz) and Saudi Aramco halt bidding on the construction of 400,000 bpd joint-venture Yanbu refinery in Saudi Arabia, citing uncertainties in the financial and contracting markets. Saudi Aramco previously sought to renegotiate contracts for equipment for Yanbu, as well as for a refinery venture with France's Total SA (TOTF.PA: Quote, Profile, Research, Stock Buzz).
Nov. 5 - Saudi Arabia may renegotiate contracts for long-term oil and gas field projects, an oil official told the International Oil Daily. The giant Moneefa oilfield expansion and the Karan gas scheme had been put out to bidding when the cost of labor and materials were soaring.
Nov. 5 - Sunoco Inc (SUN.N: Quote, Profile, Research, Stock Buzz) to save $375 million by scrapping upgrade of refinery in Tulsa, Oklahoma; still looking to sell the refinery, which accounts for just under 10 percent of Sunoco's 910,000 bpd capacity.
Oct. 30 - Royal Dutch Shell Plc (RDSa.L: Quote, Profile, Research, Stock Buzz) says it will delay its investment decision on a second expansion of its Athabasca oil sands project.
Oct. 29 - Thai refiner and petrochemical company IRPC IRPC.BK reviews a $1.5 billion investment plan. Has delayed a refinery expansion to 260,000 bpd and cut its run rate by 10,000 bpd to about 160,000-170,000.
Oct. 23 - Suncor Energy Inc (SU.TO: Quote, Profile, Research, Stock Buzz) delays construction of oil sands upgrader for C$20.6 billion Voyageur expansion by one year to 2013. Expansion boosts production from Suncor's oil sands operations near Fort McMurray, Alberta, to 550,000 bpd from 350,000.
Oct. 23 - Petro-Canada (PCA.TO: Quote, Profile, Research, Stock Buzz) mulls deferring upgrader for proposed C$21 billion Fort Hills oil sands project to save up to C$10 billion. Move would mean partners build mine and extraction plant and sell up to 160,000 bpd of raw bitumen into the open market starting in 2011. Decision before year-end.
Oct. 23 - Nexen Inc (NXY.TO: Quote, Profile, Research, Stock Buzz) and Opti Canada Inc (OPC.TO: Quote, Profile, Research, Stock Buzz) delay decision on second phase of Long Lake oil sands project to some time in 2009. Expansion would double production of synthetic crude to 120,000 bpd. First phase cost C$6.1 billion and is now just starting up.
Oct. 23 - Value Creation Group construction of C$4 billion Heartland upgrader near Edmonton, Alberta, reported halted. First phase would have processed 77,500 bpd of bitumen into synthetic crude. Privately held company has regulatory approval for plant with 260,000 bpd capacity.
Oct. 22 - Baker Hughes Inc (BHI.N: Quote, Profile, Research, Stock Buzz) expects about 200 oil and gas drilling rigs in North America to be idled during the fourth quarter because of the tighter credit markets and the declines in oil and gas prices.
Below is a list of projects that have been delayed or scaled back in recent months, as well as other related news.
Nov. 13 - Harvest Energy Trust (HTE_u.TO: Quote, Profile, Research, Stock Buzz) says it will defer a C$2 billion ($1.6 billion) expansion of its Come By Chance refinery in the Eastern Canadian province of Newfoundland and Labrador until financial conditions improve.
Instead of the 75,000 barrel per day capacity expansion, which would have boosted output to 190,000 bpd, the trust will begin working on C$300 million of de-bottlenecking projects at the site over the next few year.
Nov. 6 - Canadian Natural Resources Ltd (CNQ.TO: Quote, Profile, Research, Stock Buzz) slows spending on second phase of Horizon oil sands project for 2009 after first phase costs rise to C$9.7 billion, up 42 percent from 2004 estimate. Citing low oil prices and high costs, Canadian Natural also scraps timelines for phase 2, which would lift output to 250,000 bpd from 110,000.
Nov. 6 - ConocoPhillips (COP.N: Quote, Profile, Research, Stock Buzz) and Saudi Aramco halt bidding on the construction of 400,000 bpd joint-venture Yanbu refinery in Saudi Arabia, citing uncertainties in the financial and contracting markets. Saudi Aramco previously sought to renegotiate contracts for equipment for Yanbu, as well as for a refinery venture with France's Total SA (TOTF.PA: Quote, Profile, Research, Stock Buzz).
Nov. 5 - Saudi Arabia may renegotiate contracts for long-term oil and gas field projects, an oil official told the International Oil Daily. The giant Moneefa oilfield expansion and the Karan gas scheme had been put out to bidding when the cost of labor and materials were soaring.
Nov. 5 - Sunoco Inc (SUN.N: Quote, Profile, Research, Stock Buzz) to save $375 million by scrapping upgrade of refinery in Tulsa, Oklahoma; still looking to sell the refinery, which accounts for just under 10 percent of Sunoco's 910,000 bpd capacity.
Oct. 30 - Royal Dutch Shell Plc (RDSa.L: Quote, Profile, Research, Stock Buzz) says it will delay its investment decision on a second expansion of its Athabasca oil sands project.
Oct. 29 - Thai refiner and petrochemical company IRPC IRPC.BK reviews a $1.5 billion investment plan. Has delayed a refinery expansion to 260,000 bpd and cut its run rate by 10,000 bpd to about 160,000-170,000.
Oct. 23 - Suncor Energy Inc (SU.TO: Quote, Profile, Research, Stock Buzz) delays construction of oil sands upgrader for C$20.6 billion Voyageur expansion by one year to 2013. Expansion boosts production from Suncor's oil sands operations near Fort McMurray, Alberta, to 550,000 bpd from 350,000.
Oct. 23 - Petro-Canada (PCA.TO: Quote, Profile, Research, Stock Buzz) mulls deferring upgrader for proposed C$21 billion Fort Hills oil sands project to save up to C$10 billion. Move would mean partners build mine and extraction plant and sell up to 160,000 bpd of raw bitumen into the open market starting in 2011. Decision before year-end.
Oct. 23 - Nexen Inc (NXY.TO: Quote, Profile, Research, Stock Buzz) and Opti Canada Inc (OPC.TO: Quote, Profile, Research, Stock Buzz) delay decision on second phase of Long Lake oil sands project to some time in 2009. Expansion would double production of synthetic crude to 120,000 bpd. First phase cost C$6.1 billion and is now just starting up.
Oct. 23 - Value Creation Group construction of C$4 billion Heartland upgrader near Edmonton, Alberta, reported halted. First phase would have processed 77,500 bpd of bitumen into synthetic crude. Privately held company has regulatory approval for plant with 260,000 bpd capacity.
Oct. 22 - Baker Hughes Inc (BHI.N: Quote, Profile, Research, Stock Buzz) expects about 200 oil and gas drilling rigs in North America to be idled during the fourth quarter because of the tighter credit markets and the declines in oil and gas prices.
