CNRL defers oilsands mine expansion, citing regulatory uncertainty
Global News
CNRL says it's putting Jackpine mine expansion spending on hold until it gets more clarity around expected changes to federal carbon pricing and methane emissions rules.
Calgary-based Canadian Natural Resources Ltd. is deferring an oilsands mine expansion as it waits for Ottawa to finalize environmental policies.
The oil and gas giant had been planning to spend about $150 million this year on early engineering and design work for its $8.25-billion Jackpine mine expansion north of Fort McMurray, Alta., president Scott Stauth said Thursday.
But it’s putting that spending on hold until it gets more clarity around carbon pricing and methane emissions rules, which the company says have created an “economic burden for long-term growth investments.”
Stauth said in an interview that Jackpine is at an early enough stage that the timing can be easily shifted.
“It’s simply about the engineering piece of it, so we have that flexibility and nimbleness to be able to move that project out or bring it back if necessary,” he said.
Alberta and Ottawa signed a memorandum of understanding late last year covering a host of energy matters.
In it, the two governments said they aim to reach agreements around industrial carbon pricing and methane by April 1.
“We’re positive that the governments are working very diligently together, we’re going to come up with a positive outcome,” Stauth said.
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