Shell halts work on Pierre River oil sands mine in northern Alberta
Jeff Lewis | February 12, 2014 5:18 PM ET
CALGARY – Royal Dutch Shell PLC told regulators it is halting work on its Pierre River mine in northern Alberta’s oil sands and that it has no idea when it may revive the blueprints. The Hague-based company this year cancelled plans to drill in Alaska’s Arctic and postponed development of a liquefied natural gas venture offshore Australia. The company issued a rare profit warning last month before reporting a 49% plunge in quarterly earnings to $2.9-billion.
FULL ARTICLE Photo credit: Chris Ratcliffe/Bloomberg
RELATED: The United States’ oil and gas industry has “over-fracked and over-drilled”, according to Matthias Bichsel, projects and technology director at Royal Dutch Shell Plc.
FULL ARTICLE
COMMENT FROM A SHELL RELATED SOURCE
Bichsel appears to be acknowledging the scale of Shell Oil’s problems in North America. Taken with the postponement of the Canadian project, the enormity of the “unconventionals” debacle is starting to become clear. Bichsel’s admissions presumably mean that Odum’s retirement is imminent.
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Posted in: Alaska, Arctic, Australia, Ben van Beurden, Bloomberg, Canada, Fracking, Marvin Odum, Matthias Bichsel, Oil, Oil Sands, Profits Warning, Royal Dutch Shell Plc.
Tagged: Ben van Beurden · Canada · Financial Post · Oil · Oil Sands · Royal Dutch Shell Plc