Crude price key to future of oil sands

ExxonMobil and ConocoPhillips have written off the equivalent of $4.5 billion of reserves, while last year Statoil and Shell sold off major holdings.

Ben van Beurden, chief executive of the Anglo-Dutch group, which still holds 60% of the giant Athabasca Oil Sands Project, now says his company is “unlikely” to invest more in oil sands.

Alberta will continue to be a large crude province on the back of existing investment, but the signs from major oil companies is that fresh expansion from them looks less certain.