Thornbury Oil Sands Project pushed back again
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."
PTTEP CANADA MARIANA THORNBURY OIL SANDS PROJECT
GLOBE AND MAIL THAI PUSH IN OIL SANDS SIGNALS RENEWED INDUSTRY CONFIDENCE NOV 2016