Announcing a reduced 2015 capital budget of between C$2.5 billion (US$2.16 billion) and C$2.7 billion — down 15% compared to 2014 — the Canadian player has decided to “substantially slow” its development plans for its third oil sands project jointly owned with ConocoPhillips.
To cut costs, it has integrated the same management team operating its Christina Lake steam-assisted gravity drainage project and will also use Christina’s existing infrastructure and resources to support development of Narrows Lake.
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