Total Writing Off $9.3 Billion In Alberta Tar Sands; $2 Billion More In Tar Sands Elsewhere
French energy giant Total says it is writing off $9.3-billion worth of oilsands assets in Alberta and cancelling its membership in the Calgary-based Canadian Association of Petroleum Producers.
Total now considers oil reserves with high production costs that are to be produced more than 20 years in the future to be "stranded" given its carbon reduction targets and because the resource may not be produced by 2050, the Paris-based company said Wednesday.
It will take writedowns worth $7.3 billion related to its 24.6 per cent ownership in the Fort Hills oilsands mine operated by partner Suncor Energy Inc., the company said, and its 50 per cent stake in the Surmont thermal oilsands project operated by partner ConocoPhillips. Total will also write off $2 billion in other oilsands assets, it said, along with $1.07 billion on its liquefied natural gas assets in Australia.
Total said it is leaving CAPP because of a "misalignment" between the organization's public positions and those expressed in Total's climate ambition statement announced in May. "It is disappointing that they would write down Canadian assets, and increase their focus in Africa and Brazil and the Middle East," said CAPP CEO Tim McMillan in an interview.
EDIT
https://www.cbc.ca/news/canada/calgary/suncor-total-fort-hills-conocophillips-tim-mcmillan-1.5668095?__vfz=medium%3Dsharebar
= new reply since forum marked as read
So long, Total.
