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Thornbury Oil Sands Project pushed back again

Thornbury Oil Sands Project pushed back again

MAP COURTESY PTTEP CANADA

Thailand's state-owned PTT Exploration and Production (PTTEP) has booked another US$550 million impairment charge on the deferral of its Mariana Thornbury Oil Sands Project, bringing the grand total to US$1.8 billion so far.

The company purchased the asset from Statoil in 2010 for US$2.3 billion and took over the Thornbury, Hangingstone, and South Leismer leases in 2014. Plans to develop the field were initially shelved, then revived a few years later.

The company submitted its application for the 20,000 bbl/day Thornbury Phase 1 steam-assisted gravity drainage (SAGD) project to the Alberta Energy Regulator back in May 2015 and launched a pre-FEED study in late 2016. The Thornbury reservoir is similar in geology to the adjacent Leismer lease.

PTTEP had initially planned to begin construction in mid-2018 but now says it is in the process of "reviewing the development plan" with a focus on "cost reduction and risk mitigation."

Suncor gets the ball rolling on Meadow Creek West

Suncor gets the ball rolling on Meadow Creek West

Kinder Morgan making progress on Trans Mountain Expansion ... really, really slowly

Kinder Morgan making progress on Trans Mountain Expansion ... really, really slowly

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