Total suspends work on Alberta Joslyn oil sands mine, cites cost

Thu May 29, 2014 3:51pm EDT
Email This Article |
Share This Article
  • Facebook
  • LinkedIn
  • Twitter
| Print This Article
[-] Text [+]

CALGARY, Alberta May 29 (Reuters) - Total SA said on Thursday it is suspending design and engineering work on its C$11 billion ($10.15 billion)Joslyn oil sands mine in northern Alberta and laying off up to 150 Canadian staff as it looks to reduce costs at the project.

Andre Goffart, chief executive of the French oil major's Canadian unit, said on a conference call that the company has been working to reduce costs on the project since 2011, but not enough progress had been made to reach a final investment decision on the 100,000 barrel per day project. ($1 = 1.0839 Canadian Dollars) (Reporting by Scott Haggett; Editing by David Gregorio)